Pryce Corp. posted a consolidated net income of P1.11 billion in the first nine months, up 18.2 percent from P943.07 million in the same period in 2017.
Pryce said in a disclosure to the stock exchange the higher income “was primarily due to the group’s growing revenues” which improved to P7.57 billion from last year’s P6.44 billion, registering a 17.51-percent increase.
“Pryce Corp. remains positive that it will achieve its target of P1.5 billion in net income [plus or minus 10%] for the year 2018 coming into the fourth quarter, it being the strongest one historically in terms of sales volume and income,” the company said.
Ninety-two percent of the group’s consolidated revenues was derived from the sale of liquefied petroleum gas, while the remaining eight percent came from sales of industrial gases, real estate and pharmaceutical products.
Pyrce said that for the third quarter, all segments registered positive revenue growths.
LPG and industrial gas division posted a 15.79-percent increase, while real estate and pharmaceutical products had 112.05-percent and 26.15-percent improvements, respectively.
