Cemex earnings tumble 63% in 9 months to M

Cemex Holdings Philippines, Inc. reported a 63 percent drop in net income in the first nine months of 2017 to R688 million from the R1.88 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said “the decrease in net income for the first nine months was mainly the result of lower prices and volumes.”

It explained that “prices declined in response to heightened competitive conditions.” However, on a sequential basis, net income increased by 48 percent for the quarter.

Cemex said domestic cement volume for the third quarter increased 2 percent year-onyear and 4 percent sequentially. But, year-to-date, domestic cement volume decreased by 3 percent compared to the previous year.

Financial expenses for the first nine months of 2017 declined by 39 percent versus the same period last year as a result of the refinancing of CHP’s US dollar denominated loan with local debt.

With the conversion and denomination to local currency, other financial expenses for the first half of the year (mostly foreign exchange losses) also declined 79 percent for the nine months of the year versus same period last year.

“CEMEX remains committed to delivering the best building materials in the market today. The company is working hard to strengthen its position and continue being the trusted partner in building the nation,” said Cemex President Ignacio Mijares.

He added that, “we are optimistic that our customer-centric approach will drive growth for our business. CEMEX is deeply committed to its customers, stakeholders, and investors.”