HOLCIM Philippines, Inc. reported on Thursday a 66.6% drop in its second-quarter attributable profit to P240.77 million from P721.27 million in the same period last year amid soft market and cost pressures.

In a press release, the company said it “faced escalating costs driven by significant hikes in fuel and power prices, as well as slower demand particularly from the public sector as the new-construction ban took effect in relation to the national elections.”

Gross revenues for the second quarter declined by 20.8% to P5.43 billion from P6.86 billion last year, its financial report filed to the exchange showed.

In the first six months, Holcim Philippines’ attributable income fell by 59.4% to P661.05 million from P1.63 billion.

Revenues for the first semester were recorded at P12.17 million, down 10.9% compared with P13.66 million in the corresponding period last year. 

“Our strategy to embed sustainability in our operations is enabling us to manage current challenges and deliver sustainable business performance,” said Horia Ciprian Adrian, president and chief executive officer of Holcim Philippines.

Holcim Philippines said that it continued to drive operational efficiencies during increases in production and distribution costs due to external developments.

To offset rising costs, the company said it accelerated the use of qualified wastes as alternative fuels, which accounted for more than 20% of its combined thermal and energy requirements.

On Thursday, shares in the company inched up by 3.96% or P0.18 to end at P4.73 apiece on the stock exchange. — Ashley Erika O. Jose