Concepcion Industrial H1 profit rises 44%

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LEADING appliances maker Concepcion Industrial Corp. (CIC) reported a 44 percent profit growth in the first half of this year on the back of favorable market conditions.

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Listed CIC said in a disclosure to the Philippine Stock Exchange that net income attributable to equity holders rose to P533 million in the first six months from P368 million a year ago while net sales in the first half went up 23 percent to P6.6 billion.

“CIC saw strong tailwinds in the beginning of 2016 driven by high consumer and business confidence and good macroeconomic numbers driving the performance across all segments,” said Raul Joseph A. Concepcion, CIC chairman and chief executive officer.

“Our focus remains steadfast in further expanding our core business while seeking growth in new markets and customer segments. We have earmarked key investments in company processes, people and our leadership as we head on to solid long-term goals this year and beyond,” Concepcion added.

The company said it has continued its investment in building capacities, funded by significant cost reduction and efficiency gains on lower commodity prices, and stable foreign exchange rate, among others.

Incorporated in 1997, CIC manufactures refrigerator appliances and air-conditioning units and systems under the Kelvinator, Carrier, Condura and Toshiba brands.

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