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CIC nets P659-M income in 2015

/ 01:25 AM February 04, 2016

Leading consumer and industrial solutions manufacturer Concepcion Industrial Corp. (CIC) grew its net profit last year by 3.5 percent to about P659.45 million, boosted by robust fourth quarter performance.

In the last quarter of 2015, sales jumped by 25 percent due to strong market performance of both consumer durables and building solutions, CIC chair and CEO Raul Joseph Concepcion said in a disclosure to the Philippine Stock Exchange Wednesday. He added first-time buyers greatly contributed to the sales performance.

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“Our performance is an affirmation of rising income levels and strong private sector confidence in the economy,” Concepcion said.

CIC chief finance officer Victoria Betita said “the 3.5 percent growth in earnings is coming from a high 2014 income base with positive one-timers in the early part of 2014. Our fourth quarter result at 25 percent growth shows that CIC remains highly profitable and cash flow efficient despite peso depreciation in the second half of 2015.”

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The company did not say how much it earned last year but based on its P637.154 million net profit attributable to equity holders in 2014, a 3.5 percent increase suggested a bottom line level of around P659.45 million.

The performance in the fourth quarter was highlighted in the press statement instead, given that net profit in the first nine months of P482.2 million was actually lower than the P495.04 million in the comparative period in 2014.

Still, CIC said 2015 was a milestone for the company as it sold over 750,000 units of consumer durables from airconditioning and refrigeration and new products in the laundry and kitchen appliances line.

This year, Concepcion said CIC would continue to sustain its profitability without undermining sales growth and capability building. Doris Dumlao-Abadilla

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TAGS: Business, cic, concepcion industrial corp., Corporate, corporation, income, industrial, Profit, sales
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