Holcim books 4.44% rise in 3Q net profits on brisk sales

Listed cement maker Holcim Philippines Inc. grew its third quarter net profits by 4.44 percent on brisk sales and continued private and public construction despite the rainy season.

 

Net income stood at P721.9 million compared with the P691.2 million a year earlier, Holcim Philippines said in an e-mailed statement Thursday.

 

Sales revenues rose 18.19 percent to P8.11 billion from P6.86 billion as brisk sales continued at a time when construction activity seasonally slows with the rainy season.

 

In January to September, net income climbed 8 percent to P4.04 billion from P3.74 billion in the same comparable period last year.

 

Revenues reached P24.97 billion, 12.78 percent higher than the P22.14 billion booked a year earlier.

 

"Cement demand remains steady nationwide due to the steady pace of construction from the private sector and government," Holcim Philippines president and CEO Eduardo Sahagun said.

 

"There were also fewer interruptions to construction activity this rainy season, lesser typhoons compared to last year," he added.

 

The manufacturing plants underwent maintenance activities during the quarter, Sahagun noted, so it relied on importation to supplement domestic production to support the strong market and ensure adequate supply.

 

Moving forward, Holcim will wind down its maintenance activities safely and in time to allow plants to resume normal operations.

 

"The heavy demand for cement is seen to persist in the medium term, as the private sector and government are expected to sustain roll out of project to fuel the robust construction activity throughout the country," Sahagun said. – Danessa O. Rivera/VS, GMA News