Strong LPG sales boost Pryce Corp profit in first quarter

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Pryce Corp. posted a 12.8% increase in first-quarter net income to P340.3 million as volume of sales of liquefied petroleum gas (LPG) grew at around the same level during the period, the company told the stock exchange on Monday, May 7.

Consolidated revenues rose by 6.3% to P2.35 billion from P2.21 billion in the same period last year.

The company said first-quarter volume sales of LPG in the Visayas-Mindanao regions increased by 12.9% to 21,992 metric tons (MT) from 19,487 MT previously.

“Comparable sales volume in Luzon dropped by 2.1% as management gave more emphasis to margins than to volume sales,” the company said. — Victor V. Saulon