Eagle Cement earns ₱6 billion in 2019

Published March 24, 2020, 12:00 AM

by manilabulletin_admin

By James A. Loyola

E a g l e Cement Corporation reported a 25 percent jump in net income to ₱6.02 billion last year from ₱4.8 billion in 2018 as its aggressive expansion and better prices boosted revenues.

In a disclosure to the Philippine Stock Exchange, Eagle said net sales rose 20 percent to ₱19.82 billion in 2019 from ₱16.52 billion in the previous year.

Sales benefited from the full year commercial operations of the firm’s Line 3 production facility.

“Eagle continues to deliver solid growth, with double digit growth across the board. Sound cost structure allows us to gain healthy margins,” the firm said adding that, “aggressive expansion strongly positions Eagle to compete with existing and new market players in the industry.”

Income from o p e r a t i o n s hiked 21 percent to ₱6.8 billion from ₱5.64 billion. However, earnings be-fore income tax increased by a lower 15 percent to ₱7.25 billion from ₱6.29 billion.

This is because finance costs rose 36 percent to P496 million from P366 million while other income fell 62 percent to P180 million from P470 million. These were partly offset by a 40 percent growth in interest income to P764 million from P547 million.

The 18 percent drop in provision for income tax to P1.23 billion from P1.5 billion in 2018 pushed up net income growth for 2109. This is due to the full-year effect of the income tax holiday for Line 3.

Meanwhile, the firm said construction of Finish Mill 5 is in full swing and will be completed this year while Line 4 completion is set for December 2022.