HOLCIM Philippines, Inc. swung to an attributable net loss of P173.28 million in the third quarter from a profit of P669.26 million in the same period last year.
Despite its total revenues increasing by 6.93% for the third quarter to P6.94 billion from P6.49 billion a year ago, Holcim posted a net loss due to higher expenses, its third-quarter report showed. Its gross expense increased by 13.3% to P6.37 billion from P5.62 billion a year ago.
For the nine-month period, Holcim’s net income declined by 21.2% to P487.39 million from P2.3 billion in the same period last year.
Meanwhile, the company’s revenues from January to September dropped by 5.2% to P19.11 billion from P20.15 billion a year ago, while its gross expense for the period went up by 1.6% to P17.33 billion from P17.06 billion last year.
Horia-Ciprian Adrian, president and chief executive officer of Holcim, said in a statement that the company is focusing on accelerating growth through sustainability and innovation.
Holcim said it would sustain its focus on manufacturing and logistics excellence to manage costs brought by the volatility of fuel and energy prices.
“Our positive momentum gives us confidence to further raise operational efficiency and expand offering building solutions with lower environmental footprint and better construction performance,” Mr. Adrian said.
Holcim said that it is accelerating digitalization initiatives to improve its operational efficiency and will continue to expand its waste management partnerships with local governments to increase usage of low-carbon alternative fuels and raw materials to temper the effect of fuel price increases.
On Thursday, shares in the company closed unchanged at P3.82 apiece. — Ashley Erika O. Jose