CEMEX logs P819M loss due to Forex woes

CEMEX Holdings Philippines Inc. (CHP) announced that its consolidated net sales for the first nine months of 2022 amounted to P15.8 billion, a decrease of three percent compared to the same period last year.

For the third quarter, net sales decreased by five percent year-over-year due to lower volume. CHP’s domestic cement volume decreased by 11 percent year-over-year for the first nine months of 2022.

The decline in volume was mainly due to lower-than-expected cement demand. CHP’s domestic cement price for the first nine months of 2022 was up by nine year-over-year as price updates were made mainly to reflect input cost inflation, such as in fuel and transport.

CHP recorded a net loss of P819 million for the first nine months of 2022, with a net loss of P552 million recorded during the third quarter, mainly as a result of foreign exchange losses and lower operating Ebitda.

Foreign exchange losses, amounting to P1.5 billion for the first nine months of the year, were attributable to the movement in the Philippine Peso to the US dollar exchange rate.

Majority of CHP’s foreign exchange losses are unrealized (non-cash expenses). (PR)