CONCEPCION Industrial Corp. on Friday reported a 12% increase in its third-quarter net profit to P182 million, which it said was driven by a “stronger” topline growth.
The profit figure, which is net of taxes and minority interest, comes from net sales of P3.2 billion, up 19% over the the same period a year ago and driven by strong consumer demand, the company told the stock exchange.
“We had expected a challenging environment going into the second half of 2017 with heightened commodity prices and uncertain FX [foreign exchange],” Raul Joseph A. Concepcion, the company’s chairman and chief executive officer, said in a statement.
He added that Concepcion Industries’ focus was its “frontline and operational execution,” which he said “drove sales and market share while maintaining cost efficiency and discipline in the organization.”
For the nine months to September, the company said net profit “continues to show strong momentum” at P752 million, higher by 9% compared with the level in the same period last year.
The bottomline figure was on the back of an 11% sales growth to P10.4 billion, the company said.
Concepcion Industries, which supplies conditioners, air conditioning solutions and refrigerators, said it would disclose details of its financial performance when it submits the quarterly reportorial requirements of the Securities and Exchange Commission.
The company’s performance during the period follows its announcement in April of a regular dividend of P1 per share, or 37% of the previous year’s net income. The payout was made on May 16, 2017.
It also declared a special 20% stock dividend on Aug. 3, 2017 after its approval by shareholders on June 7, 2017.
On Friday, shares in Concepcion Industries were unchanged at P65 each. – Victor V. Saulon
