Concepcion Industrial Corp. (CIC), lead refrigeration and air-conditioning enterprise in the country, doubled its earnings in the three months ended December 2022 to P60 million from the year before.
The increase was traced to the 8-percent sales growth to P3.5 billion during the quarter, partly as a result of a stronger peso against the US dollar.
Accelerated sales from brands as Carrier, Toshiba, Condura, Kelvinator, Midea and Otis, were owed to stronger demand in the commercial and aftermarket businesses but offset by a 1 percent decline in the consumer business due to weaker demand induced by rising inflation.
As a result, its full year income slipped 5 percent to P358 million from prior year’s P378.09 billion. Net sales, meanwhile, grew 8 percent to P13.2 billion from P12.23 billion.
The company said the slight recovery in the fourth quarter was not enough to recover the weak sell-out in first quarter due to Omicron-related restrictions as well as higher commodity and logistics costs and unfavorable foreign currency exchange as the peso weakened.
“We felt the enduring effect of the pandemic and the economic impact to supply and demand in 2022. However, we have continuously made refinements in our processes throughout the course of these challenges, with the utmost goal of protecting the long-term prospects of the business.”
Raul Joseph A. Concepcion, chairman and CEO
“We remain optimistic into the future and we are constantly preparing the organization to be well-positioned to seize the opportunities as they present themselves,” he said.
