Airconditioning and refrigeration firm Concepcion Industrial Corp. on Monday said its income for the third quarter grew 33 percent to P307 million from last year’s P230.45 million as it saw a slight recovery in sales.
Sales for the quarter was at P3.1 billion, which the company said is still 4 percent lower compared with last year’s figure.
The company did not disclose its figures for the nine months, but in the first half, its income was a mere P3.34 million, or just a fraction of its P782.79 million income last year.
This brings its 9-month income at about P310.34 million, or less than a third of its P1-billion income for the same period last year.
“We saw a recovery in consumer demand but this was tempered by the slower resumption in the commercial business due to the postponement of projects and construction delays,” Raul Joseph A. Concepcion, the company’s chairman and CEO, said.
“The future remains challenging as the effects of the pandemic continues. We remain focused on making our workplace safe, strengthening our brands, launching our e-commerce platforms and ensuring third-party engagement and getting ready for the economy’s reopening,” he said.
“Moving forward, we are confident with the foundations and investments we have built the past few years which has given us the resilience to withstand disruption. We have stable fundamentals that can see us through the new normal while still pursuing our strategic goals,” he said.
The company operates principally through 6 subsidiaries—Concepcion-Carrier Airconditioning Company, Concepcion Durables Inc., Concepcion Midea Inc. Philippines, Concepcion Otis Philippines Inc., Concepcion Business Services Inc., and Cortex Technologies Corporation.