Listed Concepcion Industrial Corp. said its net earnings from January to March soared by 38 percent on the back of higher demand for its home appliances such as air conditioners and refrigerators.
In its report to the Philippine Stock Exchange, the company said its income reached P290.92 million during the first quarter of the year compared with the P210.65 million recorded in the same period last year.
Concepcion Industrial said its total net sales and services for the period in review stood at P 2.7 billion, a 21 percent increase from P2.25 billion last year because of better performance for a majority of its segments.
Sales from Concepcion-Carrier Airconditioning Co. jumped by 18 percent to P1.8 billion versus last year’s same period.
“The consumer segment grew by 18 percent. The building and industrial solutions segment rose 28 percent supported by strong pipeline visibility and growing commercial orders and backlog,” the company said in its report.
The air-conditioning segment accounts for more than a third of the company’s sales.
Net sales of Concepcion Durables Inc., the unit that sells other types of appliances, reached P 749.7 million, driven by continued growth in the market particularly in personal refrigerators and chest freezers.
In addition, the company’s escalator and elevator unit under Concepcion-Otis Philippines Inc. added P143.9 million in sales.
The company said consumer confidence levels were at an all-time high during the period, driving strong sales growth in its Consumer Divisions.
“Consumer AC [air conditioning]sales grew 17 percent in the first quarter while the refrigeration division grew 29 percent,” the company said.