Pryce posts P936-m profit

Pryce Corp. said Thursday net income jumped 58.9 percent in 2016 to P936.137 million from P589.061 million in 2015, on strong sales of cooking gas.

Pryce said in a disclosure to the stock exchange sales volume of liquefied petroleum gas, the group’s main product, went up 30 percent to 189,00 metric tons last year from 146,000 metric tons in 2015.

Consolidated revenues grew 16.5 percent to P6.726 billion from P5.773 billion in 2015. It said of the total revenues, 94 percent or P6.133 billion came from LPG sales.

Volume growth in LPG sales outpaced revenue growth as the average Saudi Aramco LPG contract went down to $346.08 per metric ton from $430.54 per MT in the previous year.

Sales of industrial gas reached P382.504 million last year and accounted for 5.7 percent of total revenue.  The balance represented revenues from real estate sales, hotel operations and sales of pharmaceutical products.

Hotel operations, however, would no longer contribute to revenues starting 2017 as the Pryce Plaza Hotel ceased operations on Dec. 31, 2016.

Pryce’s stock fell 3.2 percent to close at P5.40 Thursday.

Topics: Pryce Corp. , net income , cooking gas sales
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