Liquefied petroleum gas sales, used mainly for cooking, fueled the nearly 40 percent gain in the net income of Pryce Corp. in the first quarter to P713.7 million.
The lower contract price of LPG and lower sales volume traced to household consumers dining out far more than dining at home, particularly in Luzon, however, pushed revenue lower by 9.5 percent to P4.69 billion. Pryce LPG is sold mainly to household and retail business establishments.
The contract price of LPG dropped 11 percent averaging USD633.37 in the first quarter, resulting in lower cooking gas prices and, consequently, lower top line numbers.
The LPG business accounted for P4.4 billion of total revenue while industrial gases added P204.2 million.
Contributions from its real estate business added P76.3 million and from pharmaceuticals, P14.6 million.
Operating expense rose 10 percent to P747 million due higher wages and cost of operations, logistics.
