Philippines: Holcim Philippines’ profit was flat year-on-year in the first quarter of 2016 at US$31.7m, despite revenues increasing by 17% to US$213.6m. The company reported, however, that production costs rose by 23%, eating into revenues.
Holcim Philippines president and country chief executive Eduardo Sahagun said that the company’s first-quarter performance was due to its ability to make supply available in the market on time and its strong regional presence.
“Moving forward, we are cautiously optimistic as we await the results of the coming elections. Hopefully, the focus on infrastructure remains, as this is much needed by the country to sustain its development,” Sahagun said.
Cement demand in the Philippines grew 12% in the first quarter of 2016, on sustained rollout of private sector projects and higher state spending for infrastructure.