Concepcion Industrial profit jumps 45 pct in H1

Posted at 07/30/14 11:03 AM

MANILA, Philippines - Concepcion Industrial Corp. on Monday said its net income jumped 45 percent to P346 million in the first half of the year, on the back of stronger sales.

Net sales hit P4.8 billion in the first 6 months of the year, 28 percent higher than year-ago figures.

CIC cited strong sales of its consumer and building segments, as well as increased profitability in its refrigeration business.

"The impressive results reflect the positive macroeconomic environment, CIC's core business gaining ground during the first half of 2014 and the boost rceeived from contribution of our acquisitions. We will continue to see growth in the second half, but on a slower pace compared to the earlier part of the year as we move away from our peak months," CIC chief executive officer and chairman Raul Concepcion said.

CIC chief finance and information officer Victoria Betita noted the first half results showed investments in higher margin products and cost reductions have also started to pay off.

Concepcion Industrial Corp. is the largest air condition and refrigeration company in the Philippines, carrying global brands Condura, Carrier, Toshiba and Kelvinator.