Pryce Corp. said Friday it booked a 16 percent growth in first-half net income of P819.7 million, lifted by higher margins in the sale of liquefied petroleum gas as the company distributed its cooking gas brand to Luzon.
Sales volume of cooking gas was up 8.9 percent.
First-half revenue, however, declined 3.2 percent to P9.58 billion due to a 26 percent drop in the average contract price of LPG to $611.75 per metric ton.
Inflation and higher logistics cost, wages and other items increased operating expenses.
The LPG business contributed P9.04 billion of total revenue. Industrial gas products added P392.3 million while real estate and pharmaceuticals accounted for P149.7 million.
Earnings per shares increased nearly 17 percent to P0.3951, a larger gain on account to the reduced number of outstanding shares due to the company’s continuing shares buyback program.
