Manila—(PHStocks)—CEMEX Holdings Philippines Inc. (PSE: CHP), announced today that consolidated pro forma net sales reached PhP19.8 billion in the first nine months of 2016. Pro forma net sales were PhP6.6 billion in the third quarter.
Pro forma Operating EBITDA increased by 14% during the first nine months of 2016 versus comparable pro forma period in 2015, and by 9% in the third quarter of 2016 versus the same quarter last year.
Pro forma net sales increased by 7% for the first nine months of 2016 to PhP19.8 billion versus comparable pro forma period in 2015. For the third quarter of 2016, pro forma net sales grew 4% versus same period last year. Cost efficiencies have been derived mainly from better energy management.
Pro forma Operating EBITDA margin for the first nine months of 2016 increased by 1.7% from the comparable pro forma period of 2015.
Pedro Jose Palomino, President and CEO of CHP, said, “I am very pleased with our operating results. We have managed to grow and improve in many respects, such as increasing volumes and prices in a highly competitive environment and achieving cost efficiencies.”
Additionally, in the third quarter of 2016, we realized the following financial highlights:
- CHP’s short term loan of US$ 504 million was completely settled.
- CHP decreased its long term debt by 15% or US$56 million to US$318 million, on account of positive results and strong cash flows.
- Conversion of Free Cash Flow (after maintenance CAPEX) from Operating EBITDA was, on a pro forma basis, 73% for the first nine months of 2016.
CHP is one of the leading cement producers in the Philippines, based on installed annual capacity. CHP produces and markets cement and cement products, such as ready-mix concrete and clinker, in the Philippines through direct sales using its extensive marine and land distribution network. Moreover, CHP’s cement manufacturing subsidiaries have been operating in the Philippines for over 17 years, and have well established brands, such as “APO,” “Island,” and “Rizal,” each of which has a multi-decade history in the country.
CHP is an indirect subsidiary of CEMEX, S.A.B. de C.V., one of the largest cement companies in the world based on annual installed cement production capacity. The shares of CEMEX, S.A.B. de C.V. are listed on the Mexican Stock Exchange and the New York Stock Exchange.