EAGLE CEMENT EARNS P1.2 BILLION, DOWN 25%
Eagle Cement posted a 25 % drop in its net profits from P1.6 billion to P1.2 billion from P1.6 billion in the corresponding quarter in 2019 Covid 19 pandemic.
Before the ECQ, the company was poised to up its earnings because of the manifested growth in sales volume during the quarter.
Thus it booked P4.5 billion in net sales for the first quarter of 2020, a 16% decrease from P5.4 billion in the same period last year.
Gross profit amounted to P2.0 billion or 14% lower compared to the previous year, with a wider margin of 44%. EBITDA decreased by 14% to P1.7 billion from P2.0 billion in the first quarter of 2019.
However, Eagle’s financial condition at the end of the quarter remains solid, providing financial stability to sustain operational headwinds amid the crisis.
Total assets grew by 2% to P49.9 billion. Total liabilities dropped by 2% to P11.4 billion while stockholder’s equity rose by 3% to P38.5 billion.
The Company maintained its current gearing at low levels, with debt to equity ratio and financial debt to equity registering at 0.30x and 0.18x, respectively.
“Now that construction projects have resumed in the midst of the ECQ, we expect the demand for cement to steadily pick up in the coming weeks.
Eagle Cement is fully capable of providing sufficient high-quality cement and we look forward to supporting both public and private sectors in their construction needs as areas in the Philippines shift to more relaxed community quarantine regulations,” said Eagle president & CEO Paul Ang.