Eagle Cement net income rises by 5%
Ang family-led Eagle Cement grew net profit in the first semester by 5 percent year-on-year to P2.3 billion as higher sales volume made up for softer selling price brought about by stiff competition.
In the second quarter alone, Eagle’s net profit rose by 6 percent year-on-year to P1.26 billion, the company said in a regulatory filing.
Eagle’s net sales in the first semester rose by some 10 percent year-on-year to P8.21 billion. This was due to an increase in sales volume, partly tempered by lower average selling price of cement in the first semester compared to the level last year.
Gross profit margin was maintained at 48 percent.
Cash flow as measured by earnings before interest, taxes, depreciation and amortization (Ebitda) rose by 5 percent during the period, translating into an Ebitda margin of 43 percent.
For the second quarter, Eagle posted net sales of P4.2 billion, 14 percent higher from a year ago.
“As we strengthen our brand and increase our sales capacity, we remain focused on achieving our cost synergy and productivity targets with the use of the most efficient and energy saving cement manufacturing technology,” Eagle president and CEO Paul Ang said.
As of end-June, Eagle’s total assets amounted to P43 billion.—DORIS DUMLAO-ABADILLA
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