CIC’s Q1 profit up 50%

LEADING consumer and industrial solutions manufacturer Concepcion Industrial Corp. (CIC). grew net profit in the first three months by 50 percent year-on-year to P180 million on the back of a double-digit growth in sales of airconditioning systems and consumer durables.

Sales expanded by 21 percent year-on-year to P2.7 billion, CIC reported to the Philippine Stock Exchange on Monday.

Concepcion Carrier Airconditioning Company (CCAC) grew sales by 18 percent and Concepcion Durables Inc (CDI) by 29 percent, respectively, in the first quarter compared to year-ago levels. drove the healthy performance in the first quarter.

CIC chief executive officer and chair Raul Joseph Concepcion said: “We saw strong market growth in both consumer and building and industrial segments of our business. This mirrors the positive economic momentum of the industry driven by consumption and construction growth amidst healthy economic fundamentals.”

Company chief finance officer Ma. Victoria Betita added: “We continue to invest in capability building to prepare for the business growth we are anticipating over the long term. In addition to strong topline performance, favorable cost developments during the quarter including commodity prices and foreign exchange as well as our continued focus on improving our cost productivity has allowed us to post healthy profit growth.”