Concepcion Industrial Corp. said profit less minority interest last year dropped 50 percent to P471 million from P942 million.
The company reported a 29- percent decline in sales to P10.8 billion.
Including sales from joint-venture Concepcion-Midea, the company’s overall sales is down 24 percent.
“The 2020 result was largely affected by effects of COVID on the market particularly during the first half 2020 lockdowns. Both consumer as well as commercial markets slowed down during the early parts of 2020,” Concepcion Industrial said.
“Overall, second half results are quite encouraging as some uptick and recovery in the consumer segment began in the third quarter,” it added.
Concepcion Industrial said the second half results showed a lower decline in net sales at 13 percent “with moderate growth in profit after tax (PAT) of 5 percent, resulting in a PAT of P682 million from break-even in the first half.”
The second half performance was impacted by softer demand in the air-conditioning segment as well as the commercial segment affected by the slowdown in construction, the company said.
“Domestic refrigerators and consumer appliances show positive signals of recovery,” it added.
“Our focus throughout 2020 was to ensure our readiness as an organization even as we put temporary measures to temper the impact of very weak demand. We continue to make investments in re-energizing our brands, the right technology platforms, and innovation as we open the doors to better days ahead in 2021,” said Raul Joseph Concepcion, Concepcion Industrial chairman.