Appliance manufacturer Concepcion Industrial Corp. said Tuesday net income in the third quarter grew 42 percent from a year ago, on strong sales across all business segments.
CIC said in a disclosure to the stock exchange revenues in the third quarter rose 11 percent, boosted by continued margin expansion, cost reduction and efficiency gains, favorable market conditions and continuously low commodity prices.
“Our strong performance and the recognition that we have been getting both from the investor community and our peers validate our efforts and the progress that we have made in profitably expanding our core businesses,” CIC chairman and chief executive Raul Joseph Concepcion said.
The robust third-quarter performance pushed the nine-month net income to register a 43 percent year-on-year growth.
Nine-month revenues also posted a 20-percent growth versus the same period a year ago.
CIC said higher sales were particularly recorded in residential and commercial air-conditioning, buoyed by first-time buyer growth and expansion in commercial and office space development.
CIC said given the company’s strong nine-month performance, it was poised to beat its target of 15-percent full year growth in sales and net income.
CIC is currently on expansion mode as it targets to grow its net income and revenues by five-fold by 2020.
It plans to spend P11 billion to finance acquisition and expansion plans to meet its target of hitting P5 billion in net income and P50 billion in revenues over the next five years.
