Concepcion Industrial nets P608 M in first 9 months

MANILA — Newly listed Concepcion Industrial Corp.  grew its nine-month net profit by 14.7 percent year-on-year to P607.8 million as all businesses expanded, led by  airconditioning and commercial refrigeration units.

Net sales for the January to September period went up by 15.4 percent to P5.6 billion from the level a year ago.  This was attributed to an expansion in the airconditioning business, which grew by 21.5 percent year-on-year.

For the third quarter alone, net profit went up by 30.4 percent on the back of a 26.7 percent rise in overall sales.

CIC president and chair Raul Joseph Concepcion said CIC, the country’s leading supplier of integrated cooling and refrigeration appliances, was better positioned to participate in the Philippines’ economic growth.

Return on equity for the period stood at 30.6 percent and return on assets at 18.5 percent.