By The Financial District
Nov 18, 20231 min
Listed CEMEX Holdings Philippines has disclosed that its attributable net loss ballooned by 52% to P1.24 billion in the first nine months of 2023 from a loss of P819 million in the same period last year.
CEMEX said the loss is mainly a result of lower operating earnings due to a significant year-over-year increase in the cost of sales and challenging market conditions. I Photo: CEMEX Global X
In a disclosure to the Philippine Stock Exchange (PSE), the firm said the loss is mainly a result of lower operating earnings due to a significant year-over-year increase in the cost of sales and challenging market conditions.
Domestic cement volume for the third quarter increased sequentially and represented the highest quarterly volume for the first nine months of 2023.
However, net sales for the first nine months of 2023 decreased by 15 percent year-over-year, largely due to lower volumes, with prices also showing a decline.
For the third quarter, net sales decreased by 14 percent year-over-year with lower prices amidst subdued cement consumption, while volumes remained lower compared to the same period last year.