Makati—(PHStocks)—Concepcion Industrial Corp. (PSE: CIC) announced today preliminary results for the first three months of 2016 showing PhP 180 million in profit (after tax and minority interest) representing a 50% increase from the same period in 2015 on the back of strong sales of PhP 2.7 billion. Sales grew 21% in the first quarter from year-ago figures.
Sales expansion of 18% and 29% of Concepcion Carrier Airconditioning Company (CCAC) and Concepcion Durables Inc (CDI), respectively, drove the healthy performance in the first quarter.
CIC CEO and Chairman Raul Joseph A. Concepcion explains, “We saw strong market growth in both Consumer and Building & Industrial Segments of our business. This mirrors the positive economic momentum of the industry driven by consumption and construction growth amidst healthy economic fundamentals.”
Ma. Victoria A. Betita, CFO, further adds, “We continue to invest in capability building to prepare for the business growth we are anticipating over the long term. In addition to strong topline performance, favorable cost developments during the quarter including commodity prices and foreign exchange as well as our continued focus on improving our cost productivity has allowed us to post healthy profit growth.”
The Board of Directors of CIC approved last 8 April 2016 a regular cash dividend of PhP0.69 per share with a record date of 22 April 2016 and a payment date of 18 May 2016. This has increased from 2015’s 0.59 per share regular cash dividend. 2016’s declaration is 35% of prior year’s Profit After Tax After Minority Interest (PATAMI).