Listed cement manufacturer Holcim Philippines Inc. (HPI) announced Wednesday that its net income grew to P2.2 billion last year from P1.5 billion in 2006, owing to the strong performance of the economy.
In a report to the stock exchange, HPI said the increase in government spending in major infrastructure projects together with the increase in personal consumption stepped-up the demand for cement to 10.4 percent, the highest growth rate in more than a decade.
"These factors resulted in an 18-percent rise in revenues from P13.7 billion in 2006 to P16.2 billion last year," HPI said in a statement.
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Holcim Phils
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