HOLCIM Philippines net sales declined by 22 percent to P26 billion in the year 2020 as volume and prices dropped due to the impact of the Covid-19 pandemic.
Lockdowns from March to May and severe weather conditions in the fourth quarter of 2020 further affected the business. These hampered delivery of raw materials and services to production sites and dispatch of products to customers.
The company posted operating earnings before income tax of P2.8 billion, which was 44 percent lower than in 2019.
The firm said it responded to the pandemic by rationalizing costs and managing spending. Programs addressing health, cash and cost yielded a cost improvement of seven percent over 2019.
Distribution expenses decreased by 18 percent due to the operational and cost efficiencies, including the shift of delivery mode to a higher proportion of pick-up sales.
The firm also benefited from the global decline in fuel and energy prices. (PR)