Fortune Cement Corp. posted a consolidated net income of P158m in 2003, a turnaround from net losses of P3.54bn in 2002 and P1.44bn in 2001.
Fortune Cement said the huge loss in 2002 was due to the recognition of asset impairment loss.
Consolidated operating profit grew 89 per cent last year to P209m from P111m in 2002, citing operational efficiency and improved power and fuel consumption, among others. This, despite lower average selling prices and higher power and fuel prices. Fortune Cement’s net revenues grew 20 per cent to P2.2bn last year from P1.8 billion the prior year.
The company said total industry demand last year was slightly lower compared to 2002. It said the market share of imported cement has slipped for two years now following the imposition of a provisional tariff.