CIC’s six-month profit up 40%

LEADING consumer and industrial solutions manufacturer Concepcion Industrial Corp. (CIC) estimated a 40 percent year-on-year growth in six-month net profit, citing strong consumer and business confidence that fuelled a double-digit expansion in sales.

CIC did not disclose the exact profit level but computed based on CIC’s first half net profit in 2015, this translated to a bottom-line level of P515.93 million in the first six months versus P368.52 million a year ago.

The company also reported a 25 percent year-on-year growth in net sales for the first six months. This suggested a revenue base of P6.73 billion compared to last year’s level of P5.38 billion.

The performance for the first half of the year was attributed by the company to favorable market conditions during this period, strong revenue growth across all businesses, progress on key strategic priorities as well as strong operational execution.

“CIC saw strong tailwinds in the beginning of 2016 driven by high consumer and business confidence and good macroeconomic numbers driving the performance across all segments,” CIC chair and chief executive officer Raul Joseph Concepcion said in a press statement.

Earnings in the first six months of 2016 were favorable across all business areas with continued investment in building capabilities in turn funded by significant cost reduction and efficiency gains boosted by lower commodity prices, stable foreign exchange rate and good weather, the disclosure said.