Pryce Corp. said Tuesday consolidated net income rose 26 percent in the first half to P895.57 million from P711.89 million in the same period last year.
Pryce said, however, future income would be affected by the expiration of the income tax holiday granted to its import terminal in San Fabian, Pangasinan.
“In the previous years, the company enjoyed income tax holidays with respect to its import terminal in San Fabian, Pangasinan but these expired last Dec. 31, 2018; hence it will have an adverse impact on net income in the succeeding years,” the company said.
“The company is cautiously optimistic that it will achieve its target net income of P1.6 billion [plus or minus 10 percent] for the year 2019,” Pryce said.
Pryce’s consolidated revenues grew 10.1 percent in the six-month period to P5.32 billion from P4.83 billion a year ago.
Sales of liquefied petroleum gas and LPG-related products accounted for 93.97 percent of the group’s total revenue while sales of industrial gases represented 4.14 percent; real estate, 1.42 percent; and pharmaceutical products, 0.47 percent.
Pryce said LPG sales volume, including bulk sales, increased 7.8 percent in the first half to 106,049 metric tons from 98,419 MT in the same period last year.
It said that on a regional basis, LPG sales volume rose 5.4 percent in the Visayas and Mindanao and 9.63 percent in Luzon. The average LPG contract price, which affects LPG consumer behavior, declined to $479 per MT this year from last year’s $515 per MT.
Revenues from the other products such as industrial gases, real estate and pharmaceutical products contributed P320.55 million in the first semester.
Pryce’s earnings per share improved 27.44 percent from P0.3229 per share to P0.4115 per share in the first half.