Earnings of Cemex Holdings Philippines, Inc. (CHP) was cut by more than half in 2017, as higher cement volumes sold for the period failed to offset the continued drop in cement prices.

In a presentation to investors, the company said net income was down by 65% to P659 million in 2017, against the P1.87 billion it recorded a year ago. Operating EBITDA (earnings before interest, taxation, depreciation, and amortization) also declined by 50.7% to P3.3 billion, compared to P6.7 billion in 2016.

“Lower prices was the main reason for the decrease, as well as higher fuel and distribution costs,” the company said. — Arra B. Francia