MANILA, Philippines - Strong demand from the public and private sector helped push Lafarge Republic Inc.'s net income to P3.7 billion in 2013, from P2.8 billion during the same period in 2012.
In a statement, Lafarge republic said its net sales jumped 15% to P23 billion in 2013, amid impressive growth in the industry. Nationwide demand for cement rose 6% to 19.4 million metric tons in 2013.
"The infrastructure and other construction projects of the government, both at the national and local levels, coupled with the sustained demand from the private and commercial sectors contributed to this remarkable growth," LRI President Renato C. Sunico said in a statement.
"Cost of sales increased mainly on account of higher power price and raw materials, including logistics expenses. We were able to moderate the increase by utilizing local coal in our kilns, which have lower prices, while at the same time increasing our use of alternative fuels. Continuing operational efficiencies also helped to partially offset the cost increase. Notwithstanding these initiatives, higher costs remain a key concern and challenge in the future.” added Sunico.
Sunico said the company is preparing for the forecasted continued growth in cement demand in 2014.
"LRI is committed in contributing to the economic growth thru innovative solutions in the construction industry, and most importantly to the building of sustainable and resilient cities for our people," he said.