Holcim Philippines Inc said Wednesday its first-quarter net profit fell 43% from a year earlier, with sales weighed by weak demand compared with the same period of 2010, when cement consumption got a boost from election-related spending and reconstruction following major typhoons.

Holcim said its net profit in the January-March quarter dropped to PHP818.6m (US$19m) from PHP1.43bn as sales declined 12% to PHP5.65bn from PHP6.42bn. Higher manufacturing and distribution costs as well as operating expenses crimped operating income during the first quarter by 40% to PHP1.28bn, it said.
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