Concepcion Industrial Corp. (CIC) said profit for the first half of the year reached P264 million, down 27 percent from P361.64 million as the company reeled from the challenging business environment.
Sales hit P6.7 billion, up 4 percent from P6.5 billion.
The company had to contend with COVID related restrictions, supply chain disruptions, higher commodity and logistics costs and unfavorable foreign exchange, said Raul Joseph Concepcion, CIC chairman.
“Despite the strong headwinds, CIC has managed to remain resilient. We prepared for the current challenges by carefully managing our working capital, rationalizing our cost structure and implementing strategic price increases,” Concepcion said.
“We are confident the fundamentals for an eventual economic recovery are in place. As such, we continue to make strategic investments in our people, products and services, logistics capabilities and digital infrastructure. We remain committed to our vision of Creating Happy Spaces for Filipinos and are in a strong position and ready once the recovery accelerates in the mid-term,” Concepcion added.
