May 08, 2013

Holcim reports 1st Q profit of P1.4 B

Holcim Philippines grew its first quarter net profit year-on-year by 77% to P1.43 B as the company improved operating efficiency amid an industry-wide slowdown in demand for cement early in the year. Revenues grew by 8% to P7.16 B from a year ago supported by healthy demand from Luzon, particularly the National Capital Region.

Cement demand growth in the country slowed to 3.4% from a hefty 20% in the same period last year as the sector came from a very high base given record volumes registered last year, according to the Cement Manufacturers Association of the Philippines.

Holcim Philippines chief executive officer Ed Sahagun said the company’s sales were affected by the heavy rains in January and February in Mindanao. But cement volumes have been gradually rising, pointing to the sustained pace of large construction projects. - WealthSec