Pryce Corp. (PPC) posted a 29% increase in net income in 2017 to P1.25 billion, driven by higher revenues from sales of liquefied petroleum gas (LPG), the company told the stock exchange on Wednesday, Feb. 21.

The listed firm, which imports and distributes LPG under the brand name PryceGas among its businesses, said last year’s profit was within its target.

Consolidated revenues rose 37% to P9.23 billion from P6.72 billion, with sales volume growing by double-digits after the increase in prices for the fuel product last year.

“Sales volume of LPG grew 11% to 210,000 metric tons (MT) from the previous year’s 189,000 MT. Despite this modest volume growth, revenues were up 37% because of the sharp increases in LPG contract prices (CP) during the year,” the company said.

In 2017, contract prices was at an average of $491 per MT, 42% or $145 higher than the previous year’s average of $346 per MT, the company said. — Victor V. Saulon