PRYCE Corp. reported net income of $ 895.57 million, an increase of 25.8% over the first half of 2019, despite a one-digit increase in sales of liquefied petroleum gas (LPG), which accounts for the majority of sales.
The company, which was listed on the stock exchange, said its consolidated revenues increased 10.03 percent to $ 5,222 million from $ 4,383 million. Sales of LPG and LPG-related products accounted for almost 94% of sales and the remainder consisted of sales of industrial gas, real estate and pharmaceuticals.
"We are cautiously optimistic about achieving our 2019 target of" plus or minus 10% "in the first half of the year.
"In the past few years, the company has enjoyed an income tax holiday in relation to the import terminal in Pangasinan's San Fabian, but this period has expired on December 31, 2018, so it will have a negative impact on net income over the next few years." Pryce said.
In the first half of the year, LPG sales volume including bulk sales increased 7.8% from 98,419MT to 106,049Mt.
Pryce said LPG sales in the Visayas-Mindanao region grew by 5.4% and Luzon by 9.6% on a regional basis. The average LPG contract price, which affects LPG consumer behavior, declined by 7% from $ 515 last year to $ 479.
Imports of other products, including industrial gas, real estate and pharmaceuticals, amounted to £ 325.5 million in the first half. This figure was 22.4% lower than the previous year's P41298 2000 due to sales of office condominium units in Davao.
Excluding condominium sales, other businesses' revenues would have increased 9.41% over 2018.
"In 2019, Pryce said the company's consolidated revenue contribution is: 93.97% for LPG and related products; 4.14% for industrial gas; 1.42% for real estate; 0.47% for pharmaceuticals.
After adjusting for other income and expenses and posting income taxes, net income increased 25.8% from 711.19 million to 895.57 million. Earnings per share increased 27.4% from P0.3229 to P.4115.
On Tuesday, Pryce's stock rose 0.40%, closing at P5.08 each. – Victor V. Saulon