Conception Industrial Corp. (CIC) reported a 24.74% decline in its third quarter net income to P107.2 million as rising costs and external headwinds hurt profitability despite higher revenues.
Gross revenue for the quarter rose 2.36% to P3.88 billion from P3.79 billion a year earlier, driven by strong sales in refrigeration, laundry and other appliances as well as commercial products. However, the increase was partially offset by weak demand for residential air conditioners, the company said in a stock exchange disclosure on Monday.
“While revenue growth continued, margin pressure and external headwinds reduced profitability. We are actively managing costs and optimizing operations to maintain profitability,” Chief Finance and Operating Officer Rajan Komarsu said in a statement.
Gross expenditures increased 4.62% to P3.72 billion from P3.56 billion last year.
For the January-to-September period, Concepcion Industrial's attributable net income increased 15.65% to P641.46 million, from P554.66 million in the same period of 2024.
Concepcion Media, Inc. The group's total revenue, including the contribution of , increased by 2.57% to P13.95 billion from P13.60 billion.
The company said it will invest in its subsidiaries Concepcion-Carrier Air Conditioning Co., Concepcion Durables, Inc., Cortex Technologies Corp. and Tenex Services, Inc. It continues to generate revenue through Air Conditioners, Inc., which sells and services air conditioners, refrigeration, and laundry and kitchen appliances. It is owned by Concepcion-Otis Philippines, Inc. It also operates Co., Inc., which handles elevators and escalators, and Teco, its equipment repair and maintenance platform.
“Our third quarter performance reflects our commitment to serving our customers in a soft market,” said Chief Executive Officer Ariel Fermin. “We continue to grow brand relevance and deliver superior value across our product portfolio, demonstrating the flexibility of our diverse business model.”
On Monday, Concepcion Industrial shares fell 1.92% or 26 centavos to close at P13.30 on the local bourse. , Alexandria Grace C. Magno
