Manila Bulletin reports that the company will continue to supply food packs to vulnerable communities, despite the easing of quarantine restrictions.
Asia & Pacific Rim
The plant is currently under construction and will produce cement in Porac, near Angeles City in the Central Luzon region.
According to GlobalData, the Hong Kong construction industry was in dire straits in 2019 as political unrest disrupted the market – the COVID-19 induced economic weakness is now expected to further exacerbate the scenario.
More Asia & Pacific Rim news
The company’s Q1 results are encouraging, despite the disruption caused by the ongoing COVID-19 crisis.
The company predicts that the construction industry in South Korea will contract due to containment measures for COVID-19 and slower economic growth adversely affecting the industry.
The company has shared its financial results for the quarter ended 31st March 2020, recording EBITDA growth of 30%, and cement volumes growth until February 2020.
According to GlobalData, construction output growth in China is expected to grow by just 1.9% in 2020.
The company has received large orders for medium-sized excavators from China, as the Chinese construction machinery markets begin showing positive signs of recovery.