Cement manufacturer Holcim Philippines continued to implement cost control measures and increased efforts to diversify revenue sources as first-quarter earnings were impacted by weaker demand.
In a filing with the stock exchange, the company reported that from January to March, net income decreased by 15 percent to P356 million, while sales decreased by 1.5 percent to P6.64 billion due to a broader industry decline.
Holcim Philippines’ CEO and president, Horia Adrian, said in a statement, “We remain committed to enhancing cost discipline, sustainability, and innovation to boost business performance.”
Holcim PH’s revenue in the first quarter was negatively impacted by sluggish demand.
The company reported that its other product categories, such as aggregates, dried mortar, and ground calcium carbonate, helped offset the decline in cement sales.
“In addition to bolstering our cement business, we experienced significant growth in our other offerings, demonstrating the importance of diversification into other construction materials. Adrian stated, “We will accelerate our transformation to become the industry leader in innovative and sustainable building solutions.”
In addition, the company relaunched its blended flagship cement brand Excel ECOPlanet, which is being marketed as a more environmentally friendly option.
Adrian stated, “Our successful carbon footprint reduction and rebranding of our flagship product to Excel ECOPlanet demonstrate our ability to fulfill this commitment.”