APPLIANCES maker Concepcion Industrial Corp. (CIC) said Thursday that profit for the first half of the year grew 8 percent to P570.2 million from P533 million a year ago thanks to increased market share in its core air-conditioning and refrigerator businesses.
In a filing to the Philippine Stock Exchange, CIC disclosed that its net sales in the first six months soared 8 percent to P7.2 billion.
“These achievements were a result of focus on expanding market share in the air-conditioning and refrigerator businesses, the introduction of new products, and delivery of a steady pipeline for both commercial air-conditioning as well as elevator and escalator projects,” the company said.
“The company’s performance was in line with the market’s guidance in anticipation of headwinds such as weather, raw material price increase and FX [foreign exchange fluctuations],” CIC Chief Executive Officer Chairman Raul Joseph Concepcion said.
He said the company remains optimistic about the market and will continue to invest in both capacity and capabilities.
“The first half of 2017 was marked by market softness with heightened margin pressure. This environment is likely to continue through the end of the year. We will continue to focus on operational execution and organizational efficiencies cognizant of these external challengers,” he said.
Concepcion said the company is set to launch its first Internet of Things (IoT) products in the coming months.
“These will be our initial foray into offering practical smart appliances and solutions to Filipino consumers,” he said.