Makati—(PHStocks)—Concepcion Industrial Corp. (PSE: CIC) has released financial and business updates highlighting unaudited full year 2015 results of 15% increase in sales and 3.5% increase in reported profit after tax after minority interest (PATAMI) versus audited FY 2014 numbers.
The last three (3) months of 2015 showed strong results as sales jumped by over 25% with strong drop-through in earnings. Q4 numbers was driven by overall strong market performance in both consumer durables and building solutions with marked contribution of first-time buyers to the sales mix.
“Our performance is an affirmation of rising income levels and strong private sector confidence in the economy. These indicate a bright outlook for 2016 and over the long-term. Additionally, last year was a milestone for CIC with selling over 750,000 units of consumer durables from Air Conditioning, Refrigeration and new products in Laundry and Kitchen appliances as well as breaking the 10-billion mark with sales of PhP10.6 billion,” Raul Joseph A. Concepcion, CIC CEO and chairman, comments.
Chief Finance Officer Victoria A. Betita explains, “The 3.5% growth in earnings is coming from a high 2014 income base with positive one-timers in the early part of 2014. Our Q4 results at 25% growth shows that CIC remains highly profitable and cash flow efficient despite peso depreciation in the second half of 2015.”
Betita adds, “We are confident about our accelerated growth plans for the next five years. 2015 was about taking action towards achieving longer-term goals. In addition to our constant focus on cost reduction and profitability, we have made significant strides in building organizational capability and processes.”
Concepcion emphasized on 2016 priorities of further utilizing synergies to boost sustainable profitability without undermining sales growth and capability building.