Holcim Philippines reports fall in net profit for 2017

Holcim Philippines reports fall in net profit for 2017
02 March 2018

Holcim Philippines has announced its results for 2017 and reports a net profit of PHP2.4bn (US$46.2m) for the full-year period, a fall of 65 per cent compared to the previous year. This has been attributed to a slowdown in the construction sector, increased competition and higher input costs, according to the Business Inquirer. Similarly, revenue decreased 13.9 per cent YoY to finish at PHP24.7bn, while EBITDA dropped 49.6 per cent to PHP5.4m.

"The construction growth slowdown, tighter competition and increased input costs affected our financial performance in 2017. But we reacted swiftly to mitigate these challenges. We launched projects to strengthen customer focus, improve the efficiency of plant and logistics operations, manage costs, and offer more innovative building solutions. We expect these to improve our business performance and allow Holcim Philippines to have an even more positive impact on the country’s development," said Sapna Sood, president and chief executive officer, Holcim Philippines.

According to Holcim’s statement to the Philippine Stock Exchange, cement volumes stabilised in the 4Q17, but weaker cement prices and higher production and distribution costs still impacted its performance in the period. 

Published under Cement News