Eagle Cement Corp., the newly listed cement manufacturing company led by businessman Ramon Ang, said first-quarter net income climbed 30 percent to P1.03 billion from a year ago.
Eagle Cement said in a disclosure to the stock exchange first-quarter net revenues also increased 19 percent to P3.77 billion from P3.17 billion it registered in the same period last year.
The cement firm said its strong distribution network contributed to the company’s strong first-quarter performance.
The company said it remained optimistic about the cement industry given the government’s pronouncement of increased infrastructure spending under the P8-trillion “Build Build Build” plan.
Eagle Cement said to maintain market leadership, it would complete its third integrated cement production line in Bulacan, which was expected to be operational by 2018. This would boost the company’s annual capacity by 2 million metric tons to 7.1 million MT.
It is also set to start construction of a fourth integrated cement production line in Cebu along with supporting facilities in the Visayas and Mindanao to penetrate the cement market in the region.
Eagle Cement said it was actively seeking expansion as local demand for cement constantly increased.