PRYCE CORP. on Monday reported a 1.24% rise in its net profit between July and September to P1.222 billion over a year ago as it saw growth in liquefied petroleum gas (LPG) sales.
The company booked P8.994 billion in total revenues in the third quarter, or a 14.03% jump from last year, driven by the 15.45% revenue share hike of its LPG business.
Its main profit driver was its LPG content, selling 178,050 metric tons in the period, which represents a 9.5% increase.
It noted that the average international LPG contract price went down 10.23% to $394.28 per metric ton in the said period. “The peso-sale of LPG content would have been higher had it not been for such drop in average CP (contract price) and, consequently, of local LPG prices,” it said.
Meanwhile, it booked P466.7 million in revenues from other products. Only its pharmaceutical products saw a 13.8% sales growth to P42.27 million in the quarter, while it saw decreases in the sales of its industrial gases and real estate, declining 5.12% to P323.97 million and 18.25% to P100.26 million, respectively.
In the first semester, the company netted P759.25 million in after-tax income, a decline of 15.2%, after getting hit by the slump in crude and liquified natural gas prices and incurring “appreciable” inventory losses. The LPG contract price in the six months to June averaged at $415.58 per metric ton, or a 13.2% drop from a year ago.
The company said it was optimistic about its LPG sales in the fourth quarter of the year as the holiday season is approaching.
“Notwithstanding the coronavirus pandemic, the management still sees the last quarter as the strongest in terms of LPG sales and income because of the December festivities or holidays,” it said.
Shares in Pryce inched up 0.48% to close at P4.22 each on Monday. — Adam J. Ang
