Concepcion Industrial earns 43% higher
MANILA, Philippines – Concepcion Industrial Corp. reported a 43 percent growth in profit after tax in the nine months ending September this year.
CIC attributed the increase in income to the 20 percent topline growth during the same period.
For the third quarter alone, CIC posted earnings growth of 42 percent, driven by the 11 percent improvement in topline resulting from continued margin expansion, cost reduction and efficiency gains, favorable market conditions, and continuously low commodity prices.
“Earnings during the quarter was favorable across all business segments especially in its refrigeration segment,” CIC said.
CIC chairman and CEO Raul Joseph Concepcion said the company’s move to expand its core business has been paying off.
“Our strong performance and the recognition that we have been getting both from the investor community and our peers validate our efforts and the progress that we have made in profitably expanding our core businesses,” CIC said.
Last April, CIC announced a regular dividend of 69 centavos per share, 35 percent of prior year’s net income and this was paid last May 18.
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