Pryce Gases Inc. said it expects net income to reach P1.55 billion this year amid the strong performance of its liquefied petroleum gas business.
“We projected about P1.55 billion [income] for the entire year, plus or minus 10 percent. But we had a good first half. We probably made P750 million. Our first-half last year was maybe P600 to P650 million,” Pryce Gases chairman Salvador Escano told reporters.
Pryce reported a full-year net income of P1.248 billion last year, up 29 percent from P966 million in 2016.
Escano said about 55 percent to 65 percent of the company’s revenues and income were usually made in the second half.
“First because the rainy season starts in the second half or happens in the second half. The rainy season is conducive, beneficial to LPG consumption. Firewood and charcoal are the biggest competitors of LPG,” he said.
Escano said holidays in the fourth quarter also fueled demand.
Escano said he was expecting revenues to reach P11 billion to P11.5 billion this year, also up from P9.2 billion last year.