Eagle Cement Corp., owned by businessman Ramon Ang, reported a net income of P2.32 billion in first six months of 2018, up five percent from P2.22 billion year-on-year, on double-digit growth in sales.
Eagle Cement said in a disclosure to the stock exchange net sales rose 10 percent to P8.21 billion from P7.47 billion a year ago on the strong turnover growth from both bagged and bulk cement.
The cost of goods sold increased 10 percent to P4.25 billion from P3.86 billion while operating expenses increased 12 percent to P790 million in the first half of the year from P707 million a year ago.
Gross profit margin in the first half of the year was steady at 48 percent.
The cement company’s upgrading and de-bottlenecking efforts in existing production lines have allowed the company to maintain healthy margins.
Net income in the second quarter rose six percent to P1.25 billion from P1.18 billion a year ago as net sales climbed 14 percent to P4.2 billion from P3.7 billion.