Concepcion Industrial Corporation (CIC) reported a 33 percent jump in net income to P307 million in the third quarter of the year from the same period of 2019 despite the effects of the pandemic.
In a disclosure to the Philippine Stock Exchange, the firm said this is a strong recovery from first half results and the impact of COVID.
“Contributing to this was strong revenue performance of P3.1 billion and early cost mitigation actions that we have taken,” CIC said.
Sales for the third quarter of 2020 were slightly lower by 4 percent compared to the previous year’s figures.
“We saw a recovery of consumer demand but this was tempered by the slower resumption in the commercial business due to postponement of projects and construction delays,” CIC noted.
CIC Chairman Raul Joseph A. Concepcion said “We are encouraged by the progress of the market, the results of the third quarter of 2020 and the actions we have taken.”
“However, the future remains challenging as the effects of the pandemic continues. We remain focused on making our workplace safe, strengthening our brands, launching our e-commerce platforms and ensuring third-party engagement and getting ready for the economy’s reopening,” he added.
Concepcion noted that, “Moving forward, we are confident with the foundations and investments we have built the past few years which has given us the resilience to withstand disruption. We have stable fundamentals that can see us through the new normal while still pursuing our strategic goals.”(