agle Cement Corp. is set to finish its milling facility in San Ildefonso, Bulacan by the first quarter of 2021.
In a statement Tuesday, the firm said it earmarked PHP1.5 billion for its fifth cement milling unit to ramp up the production capacity to 8.6 million metric tons.
Eagle Cement targeted to increase cement production by the end of the year with the completion of the new milling facility in Bulacan.
Meanwhile, the cement firm said its net income for the third quarter of 2020 amounted to PHP1.4 billion, reaching the same level in 2019.
However, net sales declined by 16 percent in the July to September period to PHP4.1 billion compared to the same quarter last year.
Contraction of net sales in the third quarter eased from the 73-percent decline in the second quarter 2020.
Quarter-on-quarter net sales improved by 192 percent, the company said.
“The resumption of major infrastructure projects and (the) retail segment boosted sales. We are optimistic that fourth-quarter results will be better as more sectors of the economy are reopened,” Eagle Cement president and chief executive officer Paul Ang said.
Eagle Cement has manufacturing facilities in Bulacan and Bataan provinces.
The Bulacan plant currently produces 7.1 million metric tons or 180 million bags of cement annually.
The grinding and packaging facility in Limay, Bataan, on the other hand, can process 12 million bags per year.
Source: Philippines News Agency