PRYCE Corp. which recently emerged from corporate rehabilitation, said its net profit for the first half of the year rose 46 percent to P433.28 million on robust sales of its main business, cooking gas.
In a disclosure to the Philippine Stock Exchange, it also said that it expects a further increase in demand for its products and an improvement in prices in the second half.
Pryce said its net income in the first half represents a 14.2 percent return on sales versus last year’s 10.9 percent, indicating increased efficiency in generating profit from sales.
Revenue for the period increase 11 percent to P3.04 billion from last year’s P2.72 billion, with its core business liquefied petroleum gas (LPG) performing much better compared with the same period last year.
LPG accounts for 90 percent of Pryce Corp.’s business while the rest of its revenues come from industrial gas distribution and from real estate, pharmaceutical products and hotel operations.
LPG volume sales rose 27 percent to 86,342 metric tons.
Strong volume sales allowed the company to maintain its revenue growth notwithstanding an average 12 percent decrease in the unit selling price of LPG to P31,289 per metric ton from P35,644.00 per MT in the first half of last year, it said.