Listed Pryce Corp. said net income declined 15.2 percent in the first half to P759.25 million from P895.57 million in the same period last year on inventory losses during the second quarter.
“The big drop in global crude and LPG prices, which started in the middle of March, was reflected in our April and May operations thereby resulting in appreciable inventory losses,” Pryce said in a disclosure to the stock exchange Monday.
“This is the main reason why the second-quarter financial results were weaker than the first quarter’s,” it said.
Revenues increased 10.9 percent in the first half to P5.90 billion from last year’s P5.32 billion. Sales of liquefied petroleum gas and LPG-related products accounted for 95.10 percent of the group’s revenues, while sales of industrial gases, real estate and pharmaceutical products accounted for the balance.
LPG sales volume increased by 15.63 percent in the first half to 118,290 metric tons from 10,300 MT in the same period last year.