Holcim's profits surge on hike in cement demand
08/03/2009 | 07:35 PM
The Philippine unit of Switzerland-based Holcim said earnings rose by more than half during the first six months of the year as cement demand increased across the country.
Profits reached P1.2 billion during the first half, 58 percent higher than last year’s P742 million, the company said in a statement.
Revenues for the same period hit P11.4 billion, the company added.
Demand for cement – its primary product – grew by five percent during the first semester, driven by infrastructure projects and low-cost residential housing, the company said.
“While North Luzon still accounted for the biggest volumes, and demand increased across all regions, it was Mindanao where growth was exceptional," the company said in the same statement.
Growth was brought about by infrastructure projects bankrolled by the government’s economic stimulus package as well as “sustained robust housing construction activity," which was boosted by falling interest rates and strong inflow of money sent home by Filipinos working abroad.
“It was a semester of exceptional performance," Holcim Philippines Chief Operating Officer Ian Thackwray said. “With the government’s strong focus on infrastructure, coupled with continuing demand for housing, we hope to sustain this for the balance year."
Meanwhile, for the second quarter, the company posted record revenues of P6 billion, 14 percent higher than the P5.2 billion reported a year ago.
Demand for cement during the period grew 2.9 percent.
Holcim runs four cement plants in the Philippines and employs a total of P1,500 workers nationwide. - GMANews.TV
Profits reached P1.2 billion during the first half, 58 percent higher than last year’s P742 million, the company said in a statement.
Revenues for the same period hit P11.4 billion, the company added.
Demand for cement – its primary product – grew by five percent during the first semester, driven by infrastructure projects and low-cost residential housing, the company said.
“While North Luzon still accounted for the biggest volumes, and demand increased across all regions, it was Mindanao where growth was exceptional," the company said in the same statement.
Growth was brought about by infrastructure projects bankrolled by the government’s economic stimulus package as well as “sustained robust housing construction activity," which was boosted by falling interest rates and strong inflow of money sent home by Filipinos working abroad.
“It was a semester of exceptional performance," Holcim Philippines Chief Operating Officer Ian Thackwray said. “With the government’s strong focus on infrastructure, coupled with continuing demand for housing, we hope to sustain this for the balance year."
Meanwhile, for the second quarter, the company posted record revenues of P6 billion, 14 percent higher than the P5.2 billion reported a year ago.
Demand for cement during the period grew 2.9 percent.
Holcim runs four cement plants in the Philippines and employs a total of P1,500 workers nationwide. - GMANews.TV
