Eagle Cement Corp. registered a record profit of P2.2 billion in the first half, up 13 percent from a year ago, even as local cement prices hit a four-year low, a top executive said.
Eagle Cement chief finance officer Monica Ang said in a news briefing first-half net sales rose 12 percent to P7.5 billion from P6.7 billion in the first half of 2016 on higher sales volume of both bagged and bulk cement.
Ang said the increase in production capacity resulted from the operations of the second production line which became operational in March 2016.
Eagle Cement president Paul Ang said cement prices went down by 6 percent to 9 percent in the first half because of increased competition. Ang said cement prices could go down further in the second half, a weak period because of the rainy season.