Manila—(PHStocks)—Concepcion Industrial Corp. (PSE: CIC) has announced PhP218 million in net income after minority interest for the first three months of 2017, a 19% increase from year-ago figures on the back of a top-line growth of 15% to PhP3.1 billion in Q1.
The 15% jump in sales for the first quarter was primarily driven by 14% growth in the Consumer Lifestyles Solutions segment as well as 17% increase in the Building and Industrial Solutions. The demand for inverter units and strong commercial order growth continue to push the momentum in the run up to the summer season.
“CIC delivered strong top-line and bottom-line performance through strong execution of new product introductions, programs at the trade level, and cost management despite the challenging environment,”CIC President, CEO and Chairman Raul Joseph A. Concepcion explains. “The first three months of the year was marked by slower market growth compared to last year, cost challenges from commodity and raw material price increases, weaker peso, and aggressive competition but we were well prepared for it.”
Chief Finance and Information Officer Victoria A. Betita adds, “We are cautious at this time as we see the first quarter market softness continuing through to first half. We, however, remain optimistic about our growth prospects in the medium to long term. As such, we will continue to invest in systems and capacity throughout the next two years while ensuring productivity in our day-to-day operations.”
CIC announced a regular cash dividend of PhP1 per share last April 4 with April 20, 2017 and May 16, 2017 as record and payment dates, respectively. The company’s board also announced a 20% special stock dividend, ex-dates are pending shareholder and regulatory approvals.