Holcim Philippines reports 81% rise in net income

Holcim Philippines reported an 81 per cent rise in net income to PHP909.35m (US$18.79m) in the first quarter of 2021, compared to PHP501.54m in the year-ago period.

However, revenues declined six per cent YoY to PHP6.81bn from PHP7.27bn in the 1Q20.

"We delivered an excellent performance in the first quarter due to our sustained focus on Health, Cost, and Cash," said Horia Adrian, president of Holcim Philippines.

The company has also announced the temporary suspension of operations at its Mabini grinding unit to mitigate the effects of the COVID-19 pandemic and escalating production costs. The move is expected to result in substantial cost savings, according to the company.

"The company has already put in place a plan so that the areas and customers being served by the Mabini grinding facility will continue to be served," it continued in a statement.

Employees affected by the temporary suspension of operations will be moved to other facilities of the company.