A subsidiary of publicly listed Republic Cement Corp. said earnings declined last year due to a decrease in demand. Mindanao Portland Cement Corp. said its net income for 2004 fell to P163.479m from P284.822m. “As a result of the decline in industry demand, the company’s sales volume went down by 9% from 497,000t  to 437,000t," Mindanao Portland said.

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