Listed cement manufacturer Cemex Holdings Philippines Inc. (CHP) reported a 2.2 percent increase in their 2016 net sales to reach P25.36 billion inclusive of cement revenues (94 percent), insurance revenues (4 percent) and other sources of revenues (2 percent).
Based on the firm’s report to Philippine Stock Exchange, the increment was driven by the increase in the improved prices, volumes and cost efficiencies. Despite the weaker performance on the fourth quarter last year propelled by the lower infrastructure activityand tight market competition, the company is optimistic of 2017 better performance to be driven by “renewed public construction activity in the second half of 2017” and “greater confidence that should enable robust private corporate spending.”
“We remain confident in the multiplier effect of government investment in infrastructure and government’s ability to support it from the current fiscal program,” CHP said, noting the Php 2 billion CapEx they allotted for this year.
The Manila Times