Pryce Corp records P900M income in 3Q

Pryce Corp records P900M income in 3Q

Pryce Corp. is confident that it will meet its income target for 2017 after reaching the P900 million mark in nine months.

The company recorded a P942.69 million net income as of end-September. This rose 32 percent versus last year’s P712.49 million in the same period.

“The last quarter being historically the strongest of the year in terms of sales volume, Management expects to attain its net income target of P1.25 billion for the year, plus or minus 10 percent,” Pryce said.

Pryce’s income growth was from a “from a similarly strong growth in revenue of almost 37 percent,”  which was brought by nearly 23.3 percent increase in its liquefied petroleum gas (LPG) sales volumes in the Visayas and Mindanao area.

In its total revenue breakdown, LPG accounted for 93 percent of total sales. While industrial gases, real estate, and pharmaceutical products shared seven percent.

The growth in revenue was also backed up by the completion of the storage capacity expansion of its marine terminal in Sta. Cruz, Davao del Sur from 2,200 MT to 3,400 MT.

Meanwhile, Pryce recorded a 16 percent increase in its operating expenses due to a rise in depreciation expenses following a reappraisal conducted at the end of the last fiscal year.