Cemex Holdings Philippines difficult 2017 continued into 3Q17 as the company announced a year-to-date fall in net income of 63% compared to the first nine months of 2016. Year-to-date cement volumes were also down, falling by 3% despite a pick up in 3Q17.
According to the company, the fall in income was “mainly the result of lower prices and volumes. Prices declined in response to heightened competitive conditions.”
Despite the poor year-to-date figures, 3Q17 did see a pick up in business for the company. Cement volumes were up 2% year-on-year and 4% on the previous quarter. Meanwhile, net income increased 48% on the previous quarter.
“The company is working hard to strengthen its position and continue being the trusted partner in building the nation,” said the company’s President and CEO, Ignacio Mijares. “We are optimistic that our customer-centric approach will drive growth for our business.”
Cemex Holding Philippines in one the leading cement producers in the southeast Asian country. It is an indirect subsidiary of global building materials giant, Cemex S.A.B. de C.V.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/01112017/difficult-year-continues-for-cemex-in-the-philippines/