EARNINGS of Concepcion Industrial Corp. (CIC) went up by 14% in the first quarter, on the back of easing inflation figures and a more stable foreign exchange environment.
In a statement issued Monday, the listed appliances manufacturer said profit after tax and minority interest climbed to P187 million during the period. This came on the back of a seven percent increase in net sales to P3.3 billion.
“The first three months of 2019 has shown signs of a more stable outlook with steady commodity prices, less volatile FX (foreign exchange) and a more controlled inflation scenario,” CIC Chairman and Chief Executive Officer Raul Joseph A. Concepcion said in a statement.
CIC’s first-quarter results mark an improvement from its performance in 2018, which saw net income drop by five percent to P1.4 billion. The company attributed the slowdown to rising costs as a result of higher commodity prices, fluctuating foreign exchange rates, and unfavorable weather especially in the third quarter.
“Highlights of our Q1 topline performance include strong sell-in offerings to counter the relatively slower consumer market as well as a stronger pipeline and order intake in the commercial segment,” Mr. Concepcion added.
The company said it will continue to look at expanding its product and services that will offer relevant and innovative solutions to Filipino families and businesses.
One of CIC’s most recent acquisitions is tech start-up Teko Solutions, Inc., which provides real-time access to professionals who can provide service and repairs for home appliances through a proprietary platform.
“Our key focus areas for this year include expanding our product and services not just through technology but better customer experience and reach as well as enabling our organization to pursue more synergies and innovation,” Mr. Concepcion said.
Incorporated in 1997, CIC is the company behind air-conditioners and refrigerators under the Carrier, Toshiba, Condura, and Kelvinator brands. — Arra B. Francia