Net income in the first nine months rose eight percent to P1.9 billion from P1.7 billion in the same period last year.
Holcim Philippines Inc. registered 158 percent higher net income in the third quarter of the year, to P457.2 million from P176.9 million in the same period last year, even as net sales post decline slightly due to lower infrastructure spending.
The listed cement manufacturer said net sales in the third quarter stood at P8.3 billion, slightly lower from P8.5 billion in the same period last year due to a decline in government spending prompted by the delayed passage of the national budget.
Still, Holcim said its operating EBITDA (earnings before interest, tax, depreciation and amortization) nearly doubled to P1.2 billion due to cost improvements across its operations, paired with better cement prices, pushing net earnings up.
As of end-September, Holcim’s sales amounted to P23.7 billion, lower from P27.3 billion last year. Operating EBITDA increased 23.4 percent to P4.2 billion aided by strong sales in aggregates which rose 38 percent due to better prices despite lower volumes.
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Net income in the first nine months rose eight percent to P1.9 billion from P1.7 billion in the same period last year.
“Our earnings improvement continues in the third quarter resulting in strong growth in the first nine months of the year despite lower sales revenues. Our intensified focus on cost and operational efficiency across all our operations has allowed us to sustain high performance levels amidst a still muted market environment,” Holcim president and chief executive officer John Stull said in a filing to the stock exchange.
“We have seen better pricing and a favourable product mix. With our new and improved cement production and dispatch facilities commissioned this year, we are ready to capture opportunities as the market grows and deliver innovative products and solutions to our customers.”
Holcim opened new dispatch and loading facilities in its Bulacan plant in August, improving capacity to service Central and South Luzon as well as National Capital Region customers.
Conglomerate San Miguel Corp. is in the process of securing regulatory approval for its acquisition of Holcim from European firm Lafarge Holcim Ltd.
