Concepcion Industrial 2018 profit down P1.4B

CONCEPCION Industrial Corp.’ s ( CIC) net income dipped to P1.4 billion in 2018 after higher material costs, lower foreign-exchange rates and unfavorable weather weighed its revenues down.

In a disclosure on Monday, CIC said the figure was a 6.7-percent decrease from P1.5 tax after minority interest slid by 7.5 percent to P913 million from P987 million.

In contrast, revenues grew by 2.9 percent to P14.2 billion in January to December from P13.8 billion.

CIC Chairman and Chief Concepcion said his company business will be back on a growth trajectory this year amid more favortable market conditions” after weathering “short- term external challenges” last year, the last three months of which “showed signs of a less volatile 2019.”

continue to expand its products and services through subsidiary Cortex Technologies Corp.

Last December, Cortex launched its Internet of Things device “Buddee,” a smart plug that the company positioned as its entry into the homemanagement system segment, with residential air-conditioning as a starting point.

Last November, CIC acquired through Cortex a controlling stake in year-old tech startup Teko Solutions Asia Inc. to apply web, mobile and cloud technology to the local appliance service and repair business.

Cost of the acquisition and target closing of the deal were not disclosed.

“This acquisition reinforces Cortex’s commitment to explore emerging technology across the CIC’s group of companies, as well as CIC’s focus on building better lives and business,” Cortex President Sean Byrne said in a December disclosure.

CIC shares ended down by P2.50 or 5.75 percent to P41 apiece on Monday.