Holcim Philippines, Inc. posted a 33.3% increase in its net income attributable to the equity holders of the parent company to P613.95 million for the third quarter.
In a disclosure to the stock exchange on Friday, the cement manufacturer said its operating earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 28.2% to P1.5 billion due to cost management efforts and better efficiency initiatives across its business.
Net sales during the quarter fell 11.1% to P7.36 billion.
For the nine-month period, the company’s attributable net income dropped 45.2% to P1.03 billion while its net sales plunged 20.6% to P18.8 billion.
“Business conditions remained challenging although there were noted improvements in the market in the third quarter,” Holcim Philippines said in the disclosure.
“However, this recovery is not enough to offset yet the impact of the pandemic-induced stoppage and slowdown of operations from March to May, the peak season of construction,” it added.
John Stull, Holcim Philippines president and chief executive officer, said he remains confident about the company’s initiatives to keep its employees healthy, save cash, and cut costs, despite the challenges posed by the coronavirus disease 2019 (COVID-19) pandemic.
“Opportunities abound for our business as the construction industry will play a key role in the country’s recovery from the pandemic. Moving forward, we are ready to support our partners to build better and deliver great value to all our stakeholders,” he said.
On Friday, shares in Holcim Philippines rose 1.06% or P0.06 to close at P5.72 per piece. — Revin Mikhael D. Ochave