Appliance maker Concepcion Industrial Corp. (CIC) saw its third-quarter net income quadruple to P139 million from P33.9 million in the same period last year.
CIC, in a stock exchange filing, attributed the strong third-quarter performance to sustained sales growth, better operational efficiency and lower foreign currency loss.
Net sales from July to September jumped 22 percent to P3.6 billion from P2.97 billion a year ago, driven by air conditioning and elevator and escalator categories.
Its associate Concepcion Midea Inc. (CMI) also booked P4.5 billion in net sales with a growth rate of 24 percent.
“We have delivered promising third-quarter results despite the macroeconomic challenges. This undoubtedly demonstrates the strength of our core business, our brands, and our ability to drive growth through our expanded portfolio, end-to-end customized solutions, and long-term relationships with our customers,” CIC chairman Raul Concepcion said.
“We are committed to navigating the ever-changing economic landscape to provide the best consumer lifestyle and commercial solutions to our customers,” he said.
Consumer business generated P2.3 billion in net sales, up 6 percent year-on-year, while air conditioning product sales, which accounted 46 percent of the consumer business, grew 19 percent versus last year’s level.
Refrigeration sales dropped 8 percent on lower demand for direct cool refrigerators, while no frost refrigerators sales increased 25 percent driven by the introduction of new models as CIC increasingly positions to play in this faster growing segment.
Other appliances continued their growth momentum posting a growth of 27percent primarily from laundry product sales.
Commercial business delivered a solid performance with sales at P1.3 billion, posting 63 percent growth versus last year.
CIC’s net income amounted to P489.3 million in the first nine months, up 64 percent year-on-year as sales increased by 12 percent to P10.9 billion.
