Splash earnings jump 6-fold to P144M in 2010

MANILA, Philippines -  Leading personal care manufacturer Splash Corp. reported a six-fold jump in net profit last year on the back of new product offerings, successful cost-containment measures and robust growth across all its business segments.

In a financial report filed with the Philippine Stock Exchange, Splash said net earnings reached P144 million compared with just P23.74 million in 2009.

“We posted higher net income due to efficient use of plant assets, tighter control on expenses, launch of our new products like Hygienix and Skinwhite Teens Lotion and the strong performance of our three business segments — domestic, international and direct selling,” said Splash president Eric Domagas.

Total net sales rose 9.8 percent to nearly P3 billion from P2.72 billion, with Skin whitening products driving the growth.

Sales from skin whitening reached P1.3 billion while sales from skin exfoliants stood at P1.04 billion. Hair products, on the other hand, contributed P542.3 million in sales.

 Overseas, the company’s operations chalked in sales of P407.98 million, 67.5 percent higher than the P243.58 million registered in 2009.

Splash sells and markets personal, health and beauty products through foreign distributors outside the Philippines and local consolidators who export its products abroad.

Splash’s strong presence in the Middle East, Indochina and Asean region also helped the company gain a foothold in international sales.

The group has put up subsidiaries and offices in these areas to support the company’s growth.