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MANILA, Philippines – Pryce Corporation (PSE:PPC), which is formerly known as Pryce Properties Corporation, discloses its nine-month financial performance with a revenue growth of 14.9 percent from P4.12 billion to P4.74 billion.
The growth in company revenue is driven by the strong volume expansion in liquefied petroleum gas (LPG) segment, which is a core business of the company. The gross returns climbed by 23.9 percent from P1.04 billion to P1.29 billion, whereas the operating income increased by 26.19 percent to P759.15 million from P601.59 against last year record. The net income after tax increased greatly by 57.22 percent from P453.17 million to P712.48 million against last year registration of the same period.
The products’ revenue contribution and related share in the profit’s entirety include 89.95 percent from LPG at P4.26 billion and 5.94 percent from industrial gases at P281.23 million. In addition, the revenues also comprise real estate business at 3.04 percent or P143.9 million, 0.54 percent from hotel operations at P25.77 million, and 0.53 percent from pharmaceuticals at P25.29 million.
Pryce Gases, Inc. (PGI), a subsidiary of the company, includes industrial gases and LPG as its products. On the other hand, Pryce Corporation (PC) takes responsibility for the real estate, whereas Pryce Pharmaceuticals, Inc. handles vitamins and supplements. Lastly, PGI’s fully-owned subsidiary, Oro Oxygen Corporation (OOC), is responsible for distributing industrial gases and LPG in Luzon region.
The consolidated revenue during the nine-month period booked a 14.9 percent climb over last year’s record. The growth is greatly contributed by LPG and industrial gases’ 13.4 percent expansion to P4.5 billion from P4 billion last year.
The revenue realization for real estate increased by 100 percent following its Cagayan de Oro-located commercial property selloff. The returns grew to P143.9 million from P70.9 million.
Hotel operations’ returns increased slightly to P25.8 million from P23.7 million against last year record, an 8.51 percent climb.
Pharmaceuticals rose by 5.6 percent from P23.9 million to P25.3 million comparing to last year record.
The sales volume of LPG surged by 31 percent to 136,000 metric ton (MT) from 104,000 MT last year. The maintained sales growth is due to additional refilling plants, lower price of LPG, and promotional efforts for market expansion. The additional refilling plants began its commercial operations during the period.
Sale of industrial gas cylinder refills increased from 545,473 to 644,629, which is an 18.2 percent climb from last year. This also includes sales to selected customers via credit.
The LPG value worldwide affected the behavior of oil prices as well. The standard value of contract price is now $328.78 per MT, which is a downtrend from last year’s $434.39 per MT.