Concepcion Industrial Corp. (CIC), the listed manufacturer of refrigerators and airconditioning units Kelvinator and Condura, posted a 23 percent increase in net income last year to P628 million from P511 million in 2013 due to strong appliance demand in new commercial establishments and increase in mid-market buyers.
“Last year was a strong year across all of CIC businesses. Sales and profits of our core air conditioning and domestic refrigeration business expanded “ Raul Joseph A. Concepcion, CIC chairman and chief executive officer (CEO) said.
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