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Government spending helped boost profits earned by Holcim's Philippine's unit during what is traditionally a slow period for the industry. GMA News reports “the Philippine unit of Switzerland-based Holcim Group said earning surged by more than nine times after its cement products were used by big-ticket government projects.”
In fact, profits from the six locations operated in the Philippines, “reached P855 million from July to September this year, nearly nine times the P97 million it earned last year,” confirmed GMA News. Additionally, the cement maker's revenues, a reported P5.5 billion, increased 30 percent from 2008's third quarter.
Holcim Philippines chief operating officer Ian Thackway told GMA News the location of the company's cement facilities allowed them to be “able to sell its products to big-ticket projects in the island.” Up by an average of 18 percent, demand was driven by government spending for infrastructure projects as well as private sector-led initiatives.”
For the first nine months of the year, revenue rose 23 percent to P17 billion and the company's EBITDA “increased 60 percent to P5.8 billion, from P3.6 billion last year,” explained GMA News.
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