Eagle Cement posts 4% profit growth in 2017
Eagle Cement Corp. reported a net income of P4.26 billion in 2017, up 4% from the previous year, as sales volume and cost efficiencies exceeded targets, the company told the stock exchange on Friday, March 16.
“We have continued to beat our operational targets in terms of volume growth and cost efficiencies. Our efforts in upgrading and debottlenecking of our existing production lines allowed us to keep healthy margins despite the challenging market environment,” said John Paul L. Ang, Eagle president and chief executive officer, in a statement.
The company attributed the higher income last year to higher sales volumes, with net sales reaching P14.87 billion, higher by 12% compared with the figure in the earlier year.
Excluding expenses relating to its initial public offering, net profit rose by 5% to P4.33 billion last year, it said.
Eagle is currently expanding its capacity, with its third production line in Bulacan set to start operations this year. The move is in line with the infrastructure push from both public and private sectors, it said.
On Friday, shares in Eagle were unchanged at P14.68 each. — Victor V. Saulon
