Cemex swings to net loss in second quarter

Cemex Holdings Philippines, Inc. (CHP) swung to a net loss in the second quarter of 2018, as higher income tax expenses dragged its bottomline despite rising cement volumes.
In a disclosure to the stock exchange on Friday, July 27, the listed cement manufacturer said it recorded a net loss of P635 million in the three months ending June, against a profit of P136 million in the same period a year ago.
The company attributed the negative performance to higher income tax expenses amounting to P710 million during the period.
“This was due mainly to the utilization of the company’s deferred tax assets, which is a non-cash expense,” the company said.
The company generated P5.99 billion in net sales during the quarter, 6% higher year-on-year. Cement prices however slowed by 5% from the same period a year ago, dampening the higher volume. — Arra B. Francia