Pryce Corp. (PPC) booked a 10.9-percent increase in revenues in the first half of the year to P5.9 billion from last year’s P5.32 billion.
The company said growth was driven by improved sales of LPG and related products, accounting for 95.10 percent of the group’s total revenues, while sales of industrial gases, real estate, and pharmaceutical products accounted for the balance.
PPC recorded a 15.22-percent reduction in net income after tax for the period to P759.25 million from the previous P895.57 million.
The company expects the remaining quarters to be adversely affected by the pandemic.
LPG sales volume in the first semester increased 15.63 percent from 102,300 metric tons (MT) to 118, 290 MT with average LPG contract price decreasing by 13.18 percent to $415.58 per MT from $478.67 per MT.
The company said the big drop in the prices of global crude and liquefied petroleum gas which started in the middle of March was reflected in its April and May operations and resulted in appreciable inventory losses is also a factor in the weaker income.
Revenues from other business units such as industrial gases, real estate and pharmaceutical products contributed an aggregate of P288.82 million, 9.9 percent lower than the previous year’s P320.55 million due to decreased sales in industrial gases and real estate products due to the pandemic.
PPC has a market share of 10.63 percent in the local LPG market.