Pryce Corp. said Monday net income rose 1.24 percent in the first nine months to P1.22 billion from P1.207 billion in the same period last year.
Pyrce said in a disclosure to the Philippine Stock Exchange consolidated revenues climbed 14 percent in the nine-month period to P8.994 billion from P7.887 billion a year ago.
“The increase in gross revenues is largely explained by the growth in sales volume of LPG content,” the company said in a statement.
The company attributed the higher consolidated revenues to the 15.45-percent increase in liquefied petroleum gas revenues. LPG revenues consist of sales of LPG content, cylinders, LPG generators and LPG stoves and accessories.
Pryce said the product group accounted for almost 95 percent of the consolidated revenues.
Sales volume of LPG content increased by 9.5 percent to 178,050 metric tons from 162,560 MT a year earlier.
“Notwithstanding the coronavirus pandemic, the management still sees the last quarter as the strongest in terms of LPG sales and income because of the December festivities/holidays,” Pryce said.
Pryce said because of the coronavirus pandemic, which caused a drastic fall in global LPG demand, the average international LPG contract price during the period dropped 10 percent to $394.28 per MT from $439.22 over the same period last year.
“The peso-sale of LPG content would have been higher had it not been for such drop in average CP and, consequently, of local LPG prices,” Pryce said.
