Pryce profit rises 32% in 9 months

MANILA, Philippines — Listed Pryce Corp. is confident of hitting its income target this year with a seasonally strong fourth quarter and after hitting the P900-million mark in its nine-month profit.

Pryce posted a net income of P942.69 million as of end-September, up 32 percent from P712.49 million in the same period last year.

“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.

The company attributed the income growth “from a similarly strong growth in revenue of almost 37 percent,” which was fueled mainly by a nearly 23.3 perncet growth in liquefied petroleum gas (LPG) sales volumes in the Visayas and Mindanao markets.

It noted a sharp increase in average LPG contract prices from $329 per metric ton (MT) to $463 per MT during the period.

In terms of total revenues, LPG accounted for 93 percent of total sales, while sales of industrial gases, real estate, and pharmaceutical products accounted for the balance of seven percent.

Pryce registered a 16 percent rise in operating expenses rose to P612.47 million due to an increase in depreciation expenses as a result of the reappraisal conducted at the end of the last fiscal year.

However, operating income rose 27 percent from P759.15 million to P964.55 million, with the increase in revenues overtaking the increase in expenses.

Supporting its revenue growth is the completion of the expansion of its storage capacity in Sta. Cruz, Davao del Sur marine terminal from 2,200 MT to 3,400 MT during the third quarter.