MANILA, Philippines - Listed construction materials company Holcim Philippines Inc. reported a more than two-fold jump in its third quarter profit on the back of sustained activity despite the rainy season.
Net income in the July to September period surged to P1.53 billion from P721.96 million in the same period last year.
Holcim Philippines attributed the growth to effective cost management coupled with improved plant and logistics performance.
Eduardo Sahagun, Holcim Philippines CEO, said the company’s plants could now operate longer before undertaking maintenance activities.
“Demand usually dips during the rainy season but this time, we experienced even stronger demand in the third quarter. Under these conditions, it is critical to sustain operations to support the market and we did so due to the steady investments for better plant performance,” Sahagun said.
Sahagun said logistics operations also improved with more flexibility to supply the National Capital Region through its newly acquired Holcim Manila Terminal.
Net sales rose by 23.2 percent to P10 billion in the third quarter.
The company said cement demand was healthy nationwide but was strongest in the Visayas and Mindanao.
Sahagun said the company expects to continue the positive momentum in the fourth quarter but declined to give specific net income and sales targets.
Holcim Philippines operates four cement plants in La Union, Bulacan, Misamis Oriental and Davao along with several ready-mix concrete plants nationwide.