PRYCE CORP. saw its net income grow by 28.5% in the third quarter to P1.58 billion from P1.23 billion a year ago, driven by higher sales of liquefied petroleum gas (LPG).

The increase comes despite the company’s consolidated revenues declining by 2.3% to P14 billion from P14.33 billion in the same period last year.

In a media release on Thursday, Pryce said it managed to post higher net income due to the expanded sales of LPG of about 7.5%. It added that the improvement of LPG margins in the Luzon market lifted its net income despite posting lower revenues for the period.

The drop of about  27.4% in the average LPG contract price to $568.35 per metric ton (MT) from $776.83 per MT pulled down the company’s revenue, Pryce said.

The company added that peso-sale revenue would have been higher if the contract price had not contracted. Sales volume of industrial gases expanded by 30.5%.

Pryce’s LPG business accounted for the bulk of its revenues or as much as P13.1 billion, while industrial gases accounted for P597 million shares. Its real estate business accounted for P177.7 million and pharmaceuticals contributed P34.9 million.

At the local bourse on Thursday, shares in the company gained six centavos or 1.15% to end at P5.26 apiece. — Ashley Erika O. Jose