LISTED Eagle Cement Corp. saw its net profit plunge by 61 percent to P1.3 billion in the first half as net sales for the period dipped 44 percent to P5.9 billion. In a disclosure, the local cement manufacturer said it posted a net profit of P128 million in the second quarter alone, down from P1.7 billion last year. Eagle Cement’s net sales likewise dropped 73 percent to P1.4 billion during the quarter. Eagle Cement said its expansion in Bulacan is underway and is eyed to be completed in the first quarter of 2021. The project is seen to increase the firm’s cement production capacity by 1.5 million metric tons (MMT) to 8.6 MMT a year.

Source: Manila Times August 10, 2020 17:32 UTC