Concepcion Industrial 9-mth net jumps 33%

LISTED appliances maker Concepcion Industrial Corp. (CIC) saw its net income climb 33.7 percent to P1.08 billion in the first nine months of 2016 from a year ago on strong demand for its air-conditioner, refrigerator and freezer brands.

In its quarterly report released on Tuesday, CIC said revenues in the nine months grew 20 percent to P9.3 billion from P7.78 billion in the same period last year due to positive performance across business segments mainly driven by “favorable market growth and weather as well as strong commercial backlog.”