Concepcion Industrial Corp. said Thursday first-quarter net income tripled to P93.2 million from P30.6 million as cost-efficiency measures allowed the listed provider of consumer lifestyle as well as building and industrial solutions overcome weakness in sales.
Reported net sales in the January-March quarter was at P2.9 billion, a 7 percent decline from the same period in 2022 as a result of the late onset of summer, phasing in of new models and the impact of inflationary pressures, slowed down market demand.
Cost of sales and services declined 10 percent to P1.9 billion with lower logistics costs, cost negotiations, better factory absorption, and favorable foreign exchange.
“We expect sales performance to improve for the rest of the year with new product introductions, as well as distribution expansion activities. We will continue to pursue cost efficiency measures in order to sustain profitable growth,” said CIC chairman and chief executive officer Raul Joseph Concepcion.
