MANILA -Cement maker Holcim Philippines continued implementing cost control measures and increased efforts to diversify revenue sources as earnings were weighed down by weaker demand during the first quarter of the year.
The company said in a stock exchange filing that net income from January to March dropped 15 percent to P356 million while sales slipped 1.5 percent to P6.64 billion amid a broader industry slowdown.
“We remain focused on strengthening cost discipline, sustainability, and innovation to raise business performance,” Holcim Philippines CEO and president Horia Adrian said in a statement.
The company said lower cement sales were blunted by the growth of its other product lines such as aggregates, dry mortar and ground calcium carbonate.
“Alongside bolstering our cement business, we saw significant growth in our other offerings that highlight the value of diversification into other building materials. We will further accelerate our transformation to lead the industry in innovative and sustainable building solutions,” Adrian said.
The company also relaunched its blended flagship cement brand Excel ECOPlanet, which is being marketed as a more sustainable option.
“Our successful carbon footprint reduction marked by the rebrand of our flagship product to Excel ECOPlanet is proof of our ability to deliver on this commitment,” Adrian said.
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