MANILA, Philippines?Personal care product manufacturer Splash Corp. expanded its first quarter net profit by 36.8 percent to P10.84 million from a year ago on higher domestic and international sales.
Splash disclosed to the Philippine Stock Exchange on Wednesday that the higher net profit was due to an increase in market share across several of its beauty products. It added that all business segments?domestic, international and direct selling?increased their sales.
Net sales during the period hit P686 million, up by 13 percent from a year ago as Splash started the direct selling of more products such as SkinWhite Papaya Milk Soap and Lotion, Luster, new variants of Shades Powder Hair Dye, a new Maxi-Peel Exfoliant Solution and women's apparel.
Net sales of Philippine operations increased to P547.53 million from P507.95 million in the same period last year despite the generally perceived slowdown in consumer spending during the period.
The turnover of international operations and direct selling operations also grew to P100.82 million and P36.83 million, respectively, from P94.98 million and P4.34 million a year ago.
"We are confident that Splash will continue its strong financial performance this year as we introduce more exciting products and increase our presence further in the international and direct selling businesses," Splash president Eric Domagas said.
The company reported that Maxi-Peel had retained its dominant market position with over 80 percent market share in the exfoliating segment while Maxi-Peel soap was also cited as the leader in its category with a 71 percent market share.
Skin White Lotion also maintained a leading position in the whitening lotion category while Skin White, in the scientific whitening soap segment.
Splash reported capital spending of P53.3 million for the first quarter, which is part of its P426 million planned modernization and expansion program.