Pryce Corp. said Thursday it booked a record-high P1.58 billion net profit in the nine months through September, a 28 percent increase from the year-earlier period due mainly to strong sales of industrial and cooking gas.
Sales volume of liquified petroleum gas, which accounted for 94 percent of revenue, rose 7.5 percent while industrial gas increased sales volume by 30 percent and account for 4.3 percent of revenue.
Consolidated revenue declined by 2.3 percent to P13.99 billion due to a 27 percent drop in average contract priced to USD568.35 per metric ton from USD776.83 per MT in the year earlier period.
Pryce also attributed the surge in net income to the improvement of LPG margins in the Luzon market.
It said, however, operating expenses went up this year because of inflation and increases in compensation, logistics, and fuel.
