Splash Q1 profit up 36.8% to P10.836 million

MANILA, Philippines -  Splash Corp., a Filipino-owned personal care company, reported a 36.8-percent increase in its net income during the first quarter of the year to P10.836 million from the P7.923 million recorded in the same period last year.

In a disclosure to the Philippine Stock Exchange, the company said the higher net income in the first three months of the year came from the increased market share of several of its brands, positive market reception of its new products, and better performance across all its business segments – domestic, international and direct selling.

Total net sales during the period hit P686 million, up 13 percent from P607 million last year as the company introduced new products such as SkinWhite Papaya Milk Soap and Lotion, Luster, new variants for Shades Powder Hair Dye, a new Maxi-Peel Exfoliant Solution and women’s apparel for direct selling, the company said in its statement.

Philippine operations alone went up to P547.53 million from P507.95 million while its international operations rose to P100.82 million from P94.98 million, the company also said.

Its direct selling operations, meanwhile, reached P36.831 million from P4.344 million recorded in the same period last year.

Splash president Eric Domagas expressed optimism that with the strong first quarter performance, 2011 would be a good year for the company.

“We are confident that Splash will continue its strong financial performance this year as we introduce more exciting products and increase our presence further in the international and direct selling businesses,” Domagas said.

Of its different brands, Splash reported that Maxi-Peel retained its dominant position in the in the exfoliating segment with over 80-percent market share while its Maxi-Peel soap line also continued to lead with a 71-percent share.

Furthermore, the company said Skin White Lotion maintained its position in the whitening lotion category while Skin White soap also retained its top position in the scientific whitening soap segment.

Another product, Kolours Hair Dye, was also able to maintain its leadership position and so did its Vitress cuticle coat brand.

“Splash also reported capital expenditure of P53.3 million during the period, which is part of its P426-million planned modernization and expansion program,” the company said.