CIC books higher income

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CONCEPCION Industrial Corp. (CIC) on Monday reported a 47% increase in its third-quarter earnings to P156 million post-tax and minority interest, after recording a 20% increase in sales to P3.2 billion.

“Performance for the quarter was attributed to consumer sell-in gains across all product segments,“ said Raul Joseph A. Concepcion, CIC chairman and chief executive officer, told the stock exchange.

“This period’s profitability growth shows our commitment in driving operational efficiencies in the midst of a recovering market. While we remain confident and continue to make commitments in pursuing our strategic growth initiatives, we also needed to make some short-term operational adjustments given the challenges we are facing,” he added.

The company has yet to submit details of its financial report for the third quarter. Shares in CIC were unchanged at P32 each on Monday.

Earlier this month, CIC announced that Concepcion-Carrier Airconditioning Co, (CCAC), a 60%-40% partnership between CIC and United Technologies Corp., completed the sale and transfer of all its shares of stock in Concepcion-Otis Philippines, Inc., a joint venture between CCAC and United Technologies International Corp.-Asia Pvt Ltd., to Alstra, Inc. and Otis Elevator Co., (Philippines), Inc. — Victor V. Saulon

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