Listed appliance manufacturer Concepcion Industrial Corp. (CIC) saw its profits nearly double to P944.87 million driven by high consumer demand for cooling devices.
In a statement on Thursday, CIC, which mainly manufactures air conditioning and refrigeration units, said its net income surged by 93 percent.
Article continues after this advertisementMeanwhile, net sales in the January to September period jumped by 25 percent to P13.6 billion, driven by growth in its consumer segment.
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Article continues after this advertisementThe consumer business saw a 31-percent uptick in sales to P10 billion, buoyed by growth across the air conditioning, refrigeration and appliance categories. Air conditioning product sales rose by 27 percent, while refrigeration product sales soared by 42 percent.
Article continues after this advertisementThe commercial business posted a 13-percent climb in sales to P3.6 billion on high demand for air conditioning equipment, although CIC recognized that declines in the elevator and escalator segments tempered growth.
Article continues after this advertisementLaundry and kitchen products also contributed to the increase, CIC said.
In the third quarter alone, CIC’s earnings surged by 57 percent to P218.2 million.
Article continues after this advertisement“Our third quarter results reflect our proactive market strategies and extensive product portfolio,” Ariel Fermin, CEO of CIC, said in a statement.
“As we enter the fourth quarter, we are well-prepared for seasonal demand and remain focused on building momentum for the coming year,” Fermin added.
Operating expenses were up by 23 percent to P3.4 billion due to sales-related costs, including advertising and promotions, CIC said.
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