[ad_1]
PRYCE CORP. reported a consolidated net income of P1.11 billion in nine months to September, an increase of around 18% from P943.07 million, as revenue growth stayed in double digits during the period.
The company, which operates primarily in Mindanao, said it “remains positive that it will achieve its target of P1.5 billion in net income (plus or minus 10%) for the year 2018 coming into the fourth quarter, it being the strongest one historically in terms of sales volume and income.”
Gross revenues during the period rose 17.5% to P7.57 billion from P6.44 billion a year, with the bulk or 92% of this year’s total coming from the sale of liquefied petroleum gas (LPG), while the remaining 8% came from sales of industrial gases, real estate and pharmaceutical products.
“The company’s ongoing expansion projects in its marine-fed terminals and construction of additional refilling plants are seen to foster demand in various regions towards the close of this year and beyond,” Pryce said.
The company said for the third quarter, all of its segments reported positive revenue growth. LPG and industrial gas division recorded a 15.79% increase, while real estate and pharmaceutical products grew by 112.05% and 26.15%, respectively.
Pryce said the average LPG contract prices during the period increased by 17% at $541.33 per metric tons (MT) from last year’s $462.67 per MT.
“The rising LPG prices affected consumer’s purchasing behavior as very little growth for LPG sales was registered for the comparative period,” the company said.
Operating income rose by 28% to P1.24 billion from P965.05 million, “mainly driven by revenue growth and efficiency in the management of operating expenses.”
Including other income, Pryce’s net income after tax during the three quarters stood at P1.11 billion, or an earnings per share of P0.5507.
On Thursday, shares in Pryce slipped by 2.63% to cost at P5.55 each. — Victor V. Saulon
[ad_2]
Source link
