CIC posts 33% profit increase

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    Concepcion Industrial Corp. said profit for the third quarter of the year reached P307 million, up 33 percent from last year’s P230.83 million.

    “Contributing to this was strong revenue performance of P3.1 billion and early cost mitigation actions that we have taken,” the company said.

    The company said sales for the third quarter “were slightly lower by 4 percent compared to the previous year’s figures.”

    “We saw a recovery of consumer demand but this was tempered by the slower resumption in the commercial business due to postponement of projects and construction delays,” said Raul Joseph Concepcion, CIC chairman.