Holcim Philippines reports 5% fall in net profit

Holcim Philippines reports 5% fall in net profit
01 March 2019

Holcim Philippines has reported a five per cent fall in 2018 net profit to PHP2.55bn (US$49.3m), compared with PHP2.69bn of the previous year. However, the company also noted a three per cent YoY rise in net sales to PHP35.62bn. EBITDA in 2018 declined 10 per cent to finish at PHP4.89bn.

The profit decrease has been attributed to higher interest expenses from short-term loans to fund its ongoing expansion projects.

"In 2018, we faced higher production and financing expenses, but we successfully contained their impact on our financial performance through initiatives that emphasised operational excellence and cost prudence," said John Stull, Holcim Philippines president and CEO.

"Our commercial initiatives were key to growing our business and allowed us to take full benefit from the robust construction sector which was one of the economy's drivers last year and over the medium term," said Mr Stull.

Published under Cement News