CIC nets P661M in 2015, up 3.5%

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LISTED Concepcion Industrial Corp. (CIC) said net income grew 3.5 percent in 2015 to P661 million, driven by strong sales performance in the fourth quarter.

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In a disclosure to the Philippine Stock Exchange on Wednesday, the manufacturer of air conditioning units, freezers and refrigerators said it achieved 26 percent sales in the fourth quarter of 2015.

The fourth-quarter performance lifted full-year sales to P10.6 billion, up 15 percent from the P9.2 billion recorded in 2014.

Known for its Carrier, Condura, Toshiba, and Kelvinator brands, CIC had reported a lower net income in the first three quarters of last year due to a high base effect given the increased income in 2014 and one-time gains.

Its performance during the last three months of 2015 showed that CIC remains highly profitable and cash flow-efficient despite the peso depreciation in the second half of 2015, the company said.

“The [fourth quarter]numbers was driven by overall strong market performance in both consumer durables and building solutions with marked contribution of first-time buyers to the sales mix,” it said.

“Our performance is an affirmation of rising income levels and strong private sector confidence in the economy. These indicate a bright outlook for 2016 and over the long-term,” said Raul Joseph Concepcion, CIC chairman and chief executive officer.

Last year, the company achieved a “milestone” after selling more than 750,000 units of consumer durables from air conditioning, refrigeration and new products in laundry and kitchen appliances.

CIC said it is confident about its accelerated growth plans for the next five years, saying that “2015 was about taking action toward achieving longer-term goals.”

“In addition to our constant focus on cost reduction and profitability, we have made significant strides in building organizational capability and processes,” it said.

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