Concepcion appliance firm posts 50% rise in Q1 profit
Aircon and refrigeration appliance maker Concepcion Industrial Corp. said its first quarter profit jumped 50 percent, boosted by surging sales of both the consumer as well as the bulding and industrial solutions segments.
Net income grew to P180 million from January to March this year as sales expanded 21 percent to P2.7 billion.
CIC attributed its strong bottomline to the 18 percent and 29 percent growth in Concepcion Carrier Airconditioning Company and Concepcion Durables Inc.
Raul Joseph A. Concepcion, chief executive officer of CIC, said the company’s strong performance was “driven by consumption and construction growth amid the country’s healthy economic fundamentals.”
For her part, CIC chief finance officer Ma. Victoria A. Betita said the firm would continue to invest in capability building to continue its growth trajectory over the long term.”
“In addition to strong topline performance, favorable cost developments during the quarter including commodity prices and foreign exchange as well as our continued focus on improving our cost productivity has allowed us to post healthy profit growth,” Betita said.
The company’s board of directors approved last April 8 a regular cash dividend of P 0.69 per share with a record date of April 22 and a payment date of May 18. This marked an increase from 2015’s P0.59 per share regular cash dividend.