Pryce’s net profit up 18% to P1.1B in first 3 quarters

PRYCE Corp.’s consolidated net income rose by 18.23 percent to P1.11 billion in the first three quarters of 2018 to P943.07 million in the same period last year.

In a disclosure on Thursday, the property holding, real estate development and gas company credited the growth to its improved gross revenue, which rose by 17.51 percent to P7.57 billion from P6.44 billion in 2017.

All of Pryce’s segments posted increased revenues, led by real estate at 112.05 percent; pharmaceutical products. 26.15 percent; and liquefied petroleum gas (LPG) and industrial gas, 15.79 percent.

About 92 percent of Pryce’s consolidated revenues came from selling LPG; and the rest came from selling industrial gases, real estate, and pharmaceutical products.

The average LPG contract price soared by 17 percent to $541.33 per metric ton (MT) from $462.67 per MT last year.

Rising LPG prices affected consumer’s purchasing behavior, as the company’s sales of the gas posted minimal growth in the period.

Operating income climbed by 28 percent to P1.24 billion from P965.05 million a year ago on the back of revenue growth and efficient management of operating expenses.

The company remains optimistic it would a net income of P1.5 billion, plus or minus 10 percent, for this year.

Besides producing, distributing and marketing industrial gases and LPG under its units Pyrce Gases Inc. and Oro Oxygen Corp., Pryce operates 12 memorial parks in major cities in Mindanao.

Pryce shares tumbled by 15 centavos, or 2.63 percent, to close at P5.55 each on Thursday.