Concepcion Industrial's Sales Soar in First Half of the Year

Philippines: Hot weather conditions in the Philippines in recent months have significantly boosted Concepcion Industrial Corp. (CIC)'s earnings for the first half of the year.

The consumer lifestyle and enterprise solutions provider reported that its consolidated earnings doubled to P726.7 million (USD 12.44 million) in the first semester, fuelled by revenue growth and higher margins. CIC achieved P9.8 billion (USD 167 million) in net sales for the six-month period, marking a 36 percent year-on-year increase. Including its associate, Concepcion Midea Inc., the group's net sales rose by 41 percent to P12.7 billion (USD 217 million).

In the second quarter alone, CIC's earnings reached P541 million (USD 9.27 million) with sales hitting P6 billion (USD 102 million). Air conditioning product sales soared by 43 percent due to heightened demand during the hot summer. Similarly, sales of refrigeration products increased by 44 percent, driven by strong demand for light commercial products and no-frost refrigerators.

Source: Microsoft News