Pryce profit surges 57% in Jan-Sept
MANILA, Philippines – Pryce Corp. posted a 57 percent jump in net profit in the nine months to September as liquefied petroleum gas (LPG) sales volume continued its surge in the third quarter of the year.
The company disclosed yesterday its net earnings for the nine-month period this year amounted to P712.48 million, compared with the P453.17 million net profit in the same period last year.
This translates to earnings per share of P0.3561, or roughly 10x price-to-earnings ratio for the nine-month period.
The strong bottom line performance was underpinned by strong sales volume growth of LPG, the group’s main product line, which grew 31 percent to 135,939 metric tons (MT) from 103,769 MT.
LPG sales, which account for 90 percent of revenues for the period, drove consolidated revenues to expand 14.9 percent from P4.12 billion to P4.74 billion despite the downtrend of LPG prices in the global market.
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