Cemex PH swings to profitability.
Cement-maker Cemex Holdings Philippines Inc. returned to profitability in full year 2019 as higher cement prices and foreign exchange gains made up for the sluggish cement sales volume caused by delayed enactment of the national budget.
Cemex booked a full-year net profit of P1.28 billion, a turnaround from the loss of P971 million in the previous year, the company disclosed to the Philippine Stock Exchange on Thursday.
For the fourth quarter 2019 alone, net profit amounted to P405 million versus a year-on-year net loss of P307 million.
'I am pleased with what we accomplished in 2019, as these were a result of our efforts to maintain efficiencies, optimize costs, and improve our customers' experience,' Cemex president and chief executive officer Ignacio Mijares said in a press statement.
Net sales increased by 1 percent in 2019, amounting to P23.6 billion despite a 3-percent drop in sales volume. This was as the company managed to increase selling prices by about 4 percent for the full year, reflecting price adjustments implemented in 2018.
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|Publication:||Philippines Daily Inquirer (Makati City, Philippines)|
|Date:||Feb 13, 2020|
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