Concepcion Industrial Corp. said profit for the first quarter of the year reached P186 million, double that of last year’s P92.3 million.
“The substantial growth was driven by higher volume, largely attributed to improved retail presence and distribution channels, wider product portfolio and the impact of the prevailing hot weather conditions,” the company told regulators.
Sales for the period grew 33 percent to P3.8 billion from P2.86 billion, with notable growth across business segments.
“Including associate Concepcion Midea Inc. (CMI), the group reached P5 billion in net sales with growth of 34 percent,” the company said.
The consumer business posted P2.8 billion in sales, up 33 percent. The air conditioning product sales grew 30 percent, while refrigeration products grew 60 percent, attributed to the launch of new models and improved retail presence.
“The commercial business achieved P981 million in net sales, representing a 31 percent growth compared to the prior year. This growth was primarily attributed to increased sales of HVAC equipment, fueled by distribution expansion, and advancements in both air conditioning and elevator projects. Additionally, the growth in aftermarket services also played a role in the overall increase,” the company said.
Gross profit amounted to P1.3 billion, up 31 percent from last year.
Concepcion Industrial said operating expenses grew at a slower pace of 24 percent.