CONCEPCION Industrial Corp. (CIC) posted a P137.14-million attributable net for the second quarter as market conditions improve, it said in a stock exchange disclosure on Friday.
The company’s performance during the quarter is a reversal of the P104.67-million net loss it suffered a year ago.
CIC Chairman and Chief Executive Officer Raul Joseph A. Concepcion said the company is “cautiously optimistic” for the rest of 2021 as the economy begins to normalize due to vaccination efforts.
“While we have seen signs of a market recovery during the first half, conditions remain challenging as the pandemic rages on. We can see the light at the end of the tunnel, and are investing to ensure we are ready for the post-pandemic economic recovery,” Mr. Concepcion said.
CIC’s net sales rose 109% to P3.56 billion, while its consolidated earnings climbed 284.6% to P232 million.
“The 2021 second quarter results benefited from improving market conditions as shown by the 11.8% second quarter gross domestic product (GDP) growth, and the impact of the low-base effect from the comparative period in 2020,” CIC said.
For the first six months of the year, CIC’s attributable net income reached P195.6 million, a reversal of the P35.05-million net loss incurred a year ago. Net sales for the semester increased 45.1% to P6.44 billion.
“The positive results reflect the impact of our strategic investments and the cost restructuring programs we implemented,” CIC said.
On Friday, shares of CIC at the stock exchange fell 3.81% or 80 centavos to close at P20.20 apiece. — Revin Mikhael D. Ochave
