Philippines: Holcim Philippines' profits more than doubled in the third quarter of 2015 due to strong sales from sustained construction activity into the rainy season. Its net income grew to US$32.5m from US$15.3m in the same period of 2014. Its net sales rose by 23.2% year-on-year to US$212m.
Holcim Philippines' profits for the first nine months of 2015 grew by 12.7% to US$96.7m. This brings the company's sales for the first nine months of 2015 to US$595m, some 9.44% higher than in same period of 2014. Cement demand was healthy nationwide and strongest in Visayas and Mindanao, with no let-up in the building activity by both the private and public sectors.
Holcim Philippines Country CEO Eduardo A Sahagun said that the company's third quarter results were made possible by the improved performance of the plants, which can now operate longer before maintenance activities. "Demand usually dips during the rainy season but this time, we experienced even stronger demand in the third quarter. Under these conditions, it is critical to sustain operations to support the market and we did so due to the steady investments for better plant performance," said Sahagun. Sahagun said that logistics operations also improved with more flexibility to supply the National Capital Region through its newly-acquired Holcim Manila Terminal.
