Eagle Cement nets 8% more

Eagle Cement Corp. maintained its strong financial performance with its net income rising eight percent in the nine months to September.

The company grew its net income by eight percent to P3.3 billion as it was able to post higher sales despite tight competition in the market.

Excluding expenses for its initial public offering conducted in May, core net income increased 10 percent.

Net sales increased by 12 percent to P11.24 billion this year.

“This growth was mainly due to more than 20 percent jump in sales volume of bagged and bulk cement, partially offset by a decline in the average selling price of cement versus last year’s average,” Eagle said.

The company said the industry-wide concern on flooding of imports is continuing to put pressure on prices.

At the same time, it noted that having a new and stateof-the-art plant as well as its prudent cost structure, would help keep profitability above expectation.

Eagle is set to commission its third production line in Bulacan in 2018.