Eagle Cement net income up 13% in H1

Eagle Cement Corporation posted a net income of P2.219 billion in the first half of 2017, up 13 percent from P1.970 billion a year earlier on the back of higher sales volume.

"This solid growth was fueled by higher sales volume in the midst of tight competition and an industry decline in prices," Eagle said in a disclosure to the Philippine Stock Exchange on Tuesday.

The cement manufacturer recorded a net sales of P7.476 billion, up 12 percent from P6.677 billion.

"This was mainly due to the increase in the sales volume of both bagged and bulk cement, partially offset by a decline in the average selling price of cement," Eagle said.

The company's earnings before interests, taxes, depreciation, and amortization (EBITDA) stood at P3.338 billion, up 10 percent from P3.025 billion. — Ted Cordero/BM, GMA News