MANILA, Philippines - Cement manufacturer Holcim Philippines reported a 8.7 percent increase in net income in the first half of the year, amid continued growth in construction activity during the summer months.
Holcim reported its net income hit P1.65 billion in the April to June period, bringing the first-half net income to P3.32 billion.
In the second quarter, Holcim said revenues jumped 8.5 percent to P8.81 billion. This brought total sales to P16.86 billion in the first half.
The strong growth in revenues and profits was attributed to the on-going reconstruction efforts in the Visayas.
"On top of the sustained government and private sector spending, we now see some major Private-Public Partnership projects being implemented in the metropolis, hence, our strong sales. We were able to meet this huge demand with our ability and commitment to keep the market supplied during this period of robust growth," said Holcim Philippines CEO Eduardo Sahagun.
For the second half of 2014, Sahagun said the company's focus will be on the completion of the regular maintenance of its plants safely, on time, and within budgeted costs.