Holcim Philippines Inc. posted a net income of P699.7 million in the first quarter of the year, down 26 percent from P939.4 million year-on-year, as higher sales volume was offset by weak cement prices and high input costs.
Holcim said in a disclosure to the stock exchange first-quarter net sales stood at P8.6 billion, just down 2.7 percent as volume climbed 7 percent on year due to increased activity nationwide.
“Demand conditions are improving as the government continues to ramp up infrastructure investments. However, its positive impact on our financial performance was not enough to offset higher energy costs and weaker cement prices brought by intense competition,” newly-appointed HPI president and chief executive John Stull said.
“Nonetheless, we are optimistic about the construction industry’s prospects given the government’s commitment to the ‘Build. Build. Build’ program,” he added.