CIC profit rises 14% in second quarter

Concepcion Industrial Corp. (CIC) posted a 14% growth in its attributable profit during the second quarter of 2018.
In a regulatory filing, the listed maker of air-conditioners and refrigerators reported a net income attributable to the parent of P402 million, versus the P352 million it booked in the same period a year ago. Net sales likewise jumped 14% to P4.62 billion for the quarter.
“We are pleased with the strong results coming out of the second quarter of 2018 as our team focused on delivering results based on cost reductions, precise strategic execution, and clear messaging across the organization in the midst of fluctuating exchange rates and high commodity prices,” CIC Chairman and Chief Executive Officer Raul Joseph A. Concepcion. — Arra B. Francia