MANILA - Strong demand for cement due to several infrastructure projects under the government's stimulus program lifted Holcim Philippines Inc.'s second-quarter profits by 58%, the company said in a statement Monday.

Holcim's net income in April to June rose to P1.2 billion from P742 billion as revenues hit a record P6 billion, up 14% from the P5.2 billion it registered a year ago.

For the first semester, it generated revenues of P11.4 billion, bringing its net income to P2 billion compared to last year's P1.2 billion. It was also able to improve its net working capital, raising P4.1 billion cash flow from its operating activities.

"It was a semester of exceptional performance and, with the government’s strong focus on infrastructure, coupled with continuing demand for housing, we hope to sustain this for the balance year," said Holcim Philippines chief operating officer Ian Thackwray.

According to him, the local cement industry continued to grow despite the global recession.

Cement demand grew by 2.9% in the second quarter and 5% in the first 6 months.

Thackwray said demand increased across all regions, with North Luzon accounting for the biggest volumes and Mindanao posting "exceptional" growth.

Aside from robust cement sales, Holcim's financial performance was also buoyed by improved customer services and plant operating efficiencies.