Splash to issue P1.12-B notes

MANILA, Philippines - Leading Filipino-owned beauty and personal care products maker Splash Corp. has signed a P1.12-billion corporate notes facility agreement with Security Bank Corp. and Robinsons Bank.

Splash earlier said it would refinance P600 million out of its P800 million loan maturing in 2012.

The company reported a net income of P66.6 million in the first nine months of the year, almost 10 percent higher than the P60.7 million reported the previous year.

Total net sales went up 7.7 percent to P2.37 billion while gross profit rose to P1.33 billion from P1.31 billion.

However, the increase in selling and administrative expenses due to the buildup of manpower resources related to the expansion into direct selling, international and food business operations, clipped sales.

Sales from domestic operations amounted to P1.8 billion while sales from international and direct selling business operations reached P337 million and P201 million, respectively.

In the third quarter of the year, Splash reported a 10 percent drop in net profit to P10.7 million.

“We remain optimistic that we will end the year 2011 with modest improvements despite difficult market conditions,” said Eric Domagas, president of Splash.

Being consistently in the top 300 corporations in the Philippines since 1998, Splash has established its reputation as one of the formidable players in the Philippine personal care industry. Splash carries the brands Extraderm, Maxi-Peel, and Skin White as well as Bioskin, one of the fastest-growing skin care brands in the country.

Maxi-Peel continues to perform well with its facial solution line gaining another two share points to further cement its dominance in the segment. Its soap line also notched up by three points, catapulting it to an all-time high of 77 percent in the exfoliant soap category.

While Kolours Premium Hair Dye slipped to 48 percent market share, Vitress, the company’s leading brand in the hair styling segment gained six points to reach an all-time high of 67 percent.

Splash said the company’s core brands maintained its leadership position during the nine-month period.