Pryce Corp., a listed company engaged in manufacturing of industrial gases and importation and distribution of liquefied petroleum gas, said net income in 2015 nearly doubled to P586.3 million despite a slight decline in revenues.
Pryce said in a disclosure to the stock exchange income surged 98 percent from 2004, while consolidated revenues declined 8 percent to P5.85 billion from P6.38 billion recorded in 2014.
Pryce attributed the lower revenues to the roughly 40 percent fall in LPG prices in 2015.
Sales volume of LPG business under the Pyrcegas brand, however, jumped 29 percent to 146,000 metric tons from 113,000 MT in 2014.
“This volume surge parried the negative effects of the continued fall in the world price of LPG and the absence of non-recurring income from real estate sales,” Pryce said.
LPG sales accounted for about 90.3 percent of total revenues in 2015.
Real estate sales and other operations, meanwhile, generated revenues of P 232 million in 2015.
Pryce said consolidated operating income jumped 146 percent in 2015 to P890 million from P362.million in 2014 as a result of the bigger gross margins from LPG to 24 percent in 2015 from 13 percent in 2014.
Decreased operating expenses despite an increase in volume handled also boosted the company’s operating income in terms of increased productivity and greater efficiency in the company’s operations.
Pryce expects 2016 to be another good year for the group after a banner year in 2015.
“Performance in 2016 is expected to result in substantial increases in revenue as the company starts to reap the benefits from the infrastructure and logistics expansion projects put in place in 2013 to 2015,” Pryce said.
The trading of Pryce shares resumed on March 16 last year after nearly nine years of suspension.
The Philippine Stock Exchange approved the resumption of the trading of Pryce shares after the company submitted a comprehensive corporate disclosure regarding the rehabilitation plan as approved by the court.
Pryce filed for corporate rehabilitation in 2004 after the Asian financial crisis made it difficult for the company to service or pay for its loans as they fall due.