EAGLE Cement Corp. (Eagle Cement) has posted a 44 percent dip in net income to P3.4 billion, down from P6 billion in 2019, after a strong start in 2020 was disrupted by the implementation of lockdown measures in the wake of the Covid-19 pandemic that began in mid-March of the year.
The firm reached full-year net sales of P13.9 billion, down by 30 percent from the P19.8 billion it made a year ago, narrowing its 44 percent decline in the first half due to more relaxed restrictions in the second half of the year.
Despite the decline in the firm’s historically strong numbers, Eagle Cement continued to outperform its listed peers’ average margins.
For the second semester of 2020, Eagle Cement generated net sales of nearly P8 billion, 14 percent lower compared to P9.3 billion in the same period in 2019 but 35 percent higher versus the first half of the same year. (PR)