Pryce Corp. on Thursday reported first half net income surging 61 percent to P1.32 billion on improved margins from the sale of liquefied petroleum gas, or LPG, across Luzon.
First-half revenue was slightly down to P9.54 billion from P9.58 billion in the year-earlier period.
Gross profit increased 29 percent to P2.98 billion on better margins on cooking gas. Operating income in the first half was up 49 percent to P1.66 billion.
Pryce said its LPG business accounted for P8.96 billion of total revenue in the first half while industrial gases contributed P425.92 million. The balance was contributed by real estate and interment service fees, and by pharmaceutical products.
Earnings per share also saw a significant increase of 63 percent, rising from P0.395 to P 0.642 compared to the previous year.
Pryce said the robust financial performance underscores its effective management strategies and resilience in navigating market challenges, particularly in maximizing profitability despite static revenue numbers.
