CONCEPCION Industrial Corp., known for its airconditioners and refrigerators, said its net income for the first three months of the year rose 19 percent to P218 million, from last year’s P183.19 million.
It warned, though, sales may continue to be weak through the first half of the year.
Revenues for the quarter grew 15 percent to P3.1 billion, from P2.7 billion last year.
The increase was a result of a jump in sales primarily driven by a 14-percent growth in the consumer-appliances segment, as well as a 17-percent increase in the building and industrial systems.
The demand for inverter units and strong commercial order growth continued to push the momentum in the run-up to the summer season.
“The company delivered strong top-line and bottom-line performance through a strong execution of new product introductions, programs at the trade level and cost management despite the challenging environment,” company President, CEO and Chairman Raul Joseph Concepcion said.
“The first three months of the year was marked by slower market growth compared to last year, cost challenges from commodity and raw material price increases, weaker peso and aggressive competition but we were well prepared for it,” he said.
The company’s chief finance and information officer Victoria Betita said the company is cautious at this time, as it sees the softness of the first-quarter market continuing through the first half.
“We, however, remain optimistic about our growth prospects in the medium to long term. As such, we will continue to invest in systems and capacity throughout the next two years while ensuring productivity in our day-to-day operations,” she said.