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| By Dennis Estopace |
| Reporter |
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| AFTER a respectable performance in 2006, where it posted a net income after tax of P1.5 billion, cement maker Holcim Philippines Inc. said its first quarter financial results mirror positive results for the current year.
“We see a positive business climate this year, which is very, very different from what we experienced in 2006,” according to chairman Oscar J. Hilado.
This year’s first quarter net profit gained nearly three times over at P475.9 million, from P173.33 million a year earlier.
The company’s 2007 results, reflect “the increase in volumes due to the upswing in economic conditions,” Holcim said in a statement released to the journalists..
Hilado said that net sales from January to March went up nearly 19 percent to P4.15 billion. Domestic demand for cement rose by 14 percent.
The Philippine subsidiary of the Swiss cement manufacturer posted gross sales of P13.683 billion last year, down from P14.154 billion in 2005.
Chief financial officer Ed Sahagun told BusinessMirror the company was also able to pare down its debt to P5.3 billion last year from P7.3 billion in the previous year.
“The company reported respectable results in 2006, despite the unpredictable political and economic climate and increased costs for power and fuel,” Holcim said in a statement.
Holcim’s Bulacan plant is currently decommissioned and its Davao facility is under rehabilitation, chief operating officer Ian S. Thackwray is optimistic about the company’s performance this year. He said the Davao plant will likely be back in business this July.Thackwray said his optimism are based on growing real estate and property sector and higher government spending after elections.
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http://www.businessmirror.com.ph/0511&122007/companies03.html
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