Holcim Philippines Inc. noted a 4.4% rise in third quarter net income at P721.9 million. Gross revenue for the quarter recorded an 18.2% increase to P8.11 billion. The company is currently undertaking maintenance activities at its plants, which put a dent in the company’s margins as steady cement demand required Holcim to import clinker from Vietnam.
Speaking to press, the company’s CEO Eduardo Sahagun said that the company is expecting to import 800 000 t of clinker this year, up from the 600 000 t imported in 2013. Maintenance activities are expected to end shortly, bringing the plants back to normal operations. Net profit for the first nine months increased to P4.04 billion (2013: P3.74 billion), while net sales went up to P24.97 billion (2013: P22.14 billion) over the same period.
Public and private construction projects are driving demand in the Philippines, which has experienced fewer typhoons this year, allowing construction to continue uninterrupted. Yesterday, Reuters reported that the President has approved a US$3.74 billion plan to rebuild housing, social services and public infrastructure in the areas affected by Typhoon Haiyan, which devastated parts of the country in November last year. Reportedly, construction will be founded on the principle of ‘build back better’, looking at long-term sustainability and reducing vulnerability to future events. Much is still to be done, with reconstruction of many roads, bridges, schools and housing yet to be completed.
Edited from various sources by Katherine Guenioui
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