CONCEPCION Industrial Corp. (CIC) reported a 24.74% decline in its third-quarter attributable net income to P107.2 million, as rising costs and external headwinds weighed on profitability despite higher revenues.
Gross revenues for the quarter rose by 2.36% to P3.88 billion from P3.79 billion a year earlier, driven by stronger sales in refrigeration, laundry, and other appliances, as well as commercial products. The increase, however, was partly offset by weaker demand for residential air conditioners, the company said in a stock exchange disclosure on Monday.
“While revenue growth continued, margin pressures and external headwinds tempered profitability. We are actively managing costs and optimizing operations to preserve profitability,” Chief Finance and Operating Officer Rajan Komarasu said in a statement.
Gross expenses rose by 4.62% to P3.72 billion from P3.56 billion last year.
For the January-to-September period, Concepcion Industrial’s attributable net income grew by 15.65% to P641.46 million from P554.66 million in the same period in 2024.
Total group revenues, including contributions from Concepcion Midea, Inc., rose by 2.57% to P13.95 billion from P13.60 billion.
The company said it continues to generate revenue through its subsidiaries Concepcion-Carrier Air Conditioning Company, Concepcion Durables, Inc., Cortex Technologies Corp., and Tenex Services, Inc., which sell and service air conditioners, refrigeration, and laundry and kitchen appliances. It also operates Concepcion-Otis Philippines, Inc., which handles elevators and escalators, and Teko, its appliance repair and maintenance platform.
“Our third-quarter performance reflects our commitment to serving our customers in a soft market,” Chief Executive Officer Ariel Fermin said. “We continued to enhance brand relevance and deliver superior value across our product portfolio, demonstrating the resilience of our diversified business model.”
On Monday, shares in Concepcion Industrial fell by 1.92%, or 26 centavos, to close at P13.30 apiece at the local bourse. — Alexandria Grace C. Magno