Eagle Cement reports 30% 1Q earnings rise
Earnings of the newly-listed Eagle Cement Corp in the Philippines increased by 30 per cent in the first quarter of 2017, driven by a rise in sales volume during the first three months of the year.
Net income reached PHP1.03bn (US$20.3m) for January to March, following an increase of 19 per cent in net sales to PHP3.77bn.
"The retail business remains strong and with the government's pronouncement of increased infrastructure spending under its PHP8-trillion "Build Build Build" plan, the firm is optimistic about its prospects," Eagle said.
Eagle is currently completing its third integrated cement production line in Bulacan, which is expected to be operational by 2018 and add 2Mta to the company’s production capacity. In addition, the company is set to begin constructing a fourth integrated production line in Cebu City for the Visayas and Mindanao markets.
The company is set to begin constructing a fourth integrated production line in Cebu City for the Visayas and Mindanao markets.
"Cebu will break ground by the fourth quarter. Hopefully, before Christmas," Ang said.
For her part, Eagle Cement CFO and Treasurer Monica Ang noted that the company is targeting to sell cement from the Cebu factory by 2019. "We will manufacture cement from Cebu by 2019 and start selling in those areas," she said.
