Pryce on track to meet P1.25B profit goal
Pryce Corp. reported a 32 percent jump in consolidated net income in the nine months ending September to P942.69 million mainly on strong liquefied petroleum gas (LPG) sales.
LPG sales volume increased by 23.3 percent as LPG contract prices rose sharply from $329 per metric ton (MT) to $463 per MT, boosting consolidated revenues by 37 percent.
LPG revenues accounted for 93 percent of total sales, while sales of industrial gases, real estate, and pharmaceutical products accounted for the balance of 7 percent.
“The last quarter being historically the strongest of the year in terms of sales volume, Management expects to attain its net income target of P1.254 billion for the year, plus or minus 10 percent,” Pryce said.