Eagle Cement profit up 3% in Jan-March
Ang family-led Eagle Cement Corp. grew its first quarter net profit by 3 percent year-on-year to P1.1 billion on the back of higher sales volume and efficient production amid cutthroat competition.
Eagle’s three-month revenue went up by 6 percent year-on-year to P4 billion, the company said in a statement yesterday.
Eagle, the country’s fourth largest cement producer, attributed the sustained increase in its sales volume to “long standing cost-effective and efficient production grounded on owning the country’s most modern end-to-end cement manufacturing plant.”
Higher cement output, coupled with a “highly capable” team, contributed to its ability to meet demands in more markets, the cement firm reported.
“We remain confident about the future as private consumption continues to drive our economy coupled with the infrastructure boom. We are constantly looking for opportunities to grow the company while, at the same time, continuously managing costs to maintain our competitiveness,” said Eagle president and chief executive officer Paul Ang.
As of the end of March, Eagle’s total assets stood at P43.2 billion. For every peso of equity, debt stock was contained at 42 centavos.
The company’s third production line in Bulacan is set to commence operations this year. This will add two million metric tons to the company’s current annual production capacity of 5.1 million metric tons. This is seen to allow Eagle to strengthen its service capabilities across northern and central Luzon, and to new markets in Mimaropa (Mindoro-Marinduque-Romblon-Palawan) area, Bicol and Western Visayas.
The company’s fourth production line in Cebu, which is set to add another two million metric tons to Eagle’s output, is also undergoing construction and will be operational by 2020. —DORIS DUMLAO-ABADILLA
