LISTED Concepcion Industrial Corp. on Monday said its earnings for the first three months of the year soared 50 percent to P180 million from P120 million a year ago driven by strong sales.
In a disclosure to the Philippine Stock Exchange (PSE), the maker of refrigerators and air-conditioning products said sales during the quarter expanded 21 percent to P2.7 billion from P2.23 billion a year earlier.
“Sales expansion of 18 percent and 29 percent of Concepcion Carrier Airconditioning Company [CCAC] and Concepcion Durables Inc [CDI], respectively, drove the healthy performance in the first quarter,” the company said.
Raul Joseph Concepcion, CIC chief executive officer and chairman, said there was strong market growth in both the consumer and building and industrial segments.
“This mirrors the positive economic momentum of the industry driven by consumption and construction growth amidst healthy economic fundamentals,” Concepcion said.
Ma. Victoria Betita, CIC chief finance officer, said favorable cost developments during the quarter, including commodity prices and foreign exchange movement, enabled them to post healthy profit growth.
“We continue to invest in capability building to prepare for the business growth we are anticipating over the long-term,” Betita said.
Last week, the company’s board of directors approved a regular cash dividend of P0.69 per share with a record date of April 22, 2016 and a payment date of May 18, 2016, which is higher than last year’s 0.59 per share regular cash dividend.
The dividend declaration for this year is equivalent to 35 percent of the prior year’s profit after tax after minority interest.