CEMEX HOLDINGS Philippines, Inc. saw its attributable net loss for the third quarter widen to P582.57 million from P552.07 million a year ago after booking lower revenues for the period.
In a stock exchange disclosure, the listed construction company said its total revenue fell by 14.4% to P4.39 billion from P5.13 billion last year.
Its gross expense fell by 7.1% to P4.57 billion from P4.92 billion previously.
Domestic cement volume for the third quarter improved, the company said, adding that its volume for the quarter is the highest this year.
From January to September, the company recorded an attributable net loss of P1.24 billion, wider than the P818.75 million loss recorded in the same period last year.
Combined revenues for the period reached P13.48 billion, 14.7% lower compared with P15.81 billion last year.
The company attributed its lower revenues to a drop in cement volumes sold on the back of declining cement prices.
For the nine months to September, cement sales generated P13.39 billion, lower by 15% from the P15.76 billion last year.
Cemex is anticipating to complete the construction of its new Solid Cement line by the third quarter of 2024.
The listed construction firm said it had invested around $269 million since the beginning of the project’s construction. It added that it is anticipating total investments to reach up to $356 million.
At the local bourse on Wednesday, shares in the company fell by two centavos or 2.44% to end at 80 centavos apiece. — A.E.O. Jose