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.”
For the third quarter alone, net profit surged 31.9 percent year-on-year to P249.9 billion while revenue increased 11 percent to P2.657 billion.
Operating expenses in the nine months grew 34.6 percent to P1.75 billion and increased by 29.6 percent to P581.26 million in the third quarter from a year earlier.
The air-conditioning business under Concepcion-Carrier Air Conditioning Company (CCAC) – which makes the Carrier and Toshiba brands — saw sales rise 18 percent to P6.2 billion, while elevators and escalator manufacturing under Concepcion-Otis Philippines Inc. (COPI) saw revenues grow 22 percent to P564.3 million.
Unit Concepcion Durables Inc., which manufactures refrigerators and freezers under the Condura and Kelvinator brands, reported a 22 percent increase in sales to P2.5 billion on continued market growth in the freezer segment.
Incorporated in 1997, CIC manufactures refrigerator appliances and air-conditioning units and systems under the Kelvinator, Carrier, Condura and Toshiba brands.