Listed Pryce Corp. and its subsidiaries posted a net income of P396.36 million in the first quarter, 9.4 percent higher than P362.35 million in the same period last year.
“The government’s Enhanced Community Quarantine (ECQ) only slightly affected the company’s first quarter performance since the ECQ was implemented near the end of the quarter,” Pryce said in a disclosure to the Philippine Stock Exchange on Tuesday.
“However, the company expects the succeeding quarters to be adversely affected by the coronavirus pandemic. A fall of anywhere between 5 percent to 10 percent in sales volume (compared to 2019 levels) could result if the pandemic continues throughout the year. It is our hope that this disrupting phenomenon will be resolved soon,” the company said.
Pryce said the company’s first-quarter net income represented a 12.5-percent return on sales.
Consolidated revenue increased 24.2 percent to P3.18 billion from P2.56 billion a year ago.
“The sales performance of the company’s principal product, LPG (liquefied petroleum gas or cooking gas), along with its cylinders & accessories, and LPG gensets, was responsible for such positive outcomes,” Pryce said.
It said LPG products accounted for 95.3 percent of the total revenues, with the balance covered by sales of industrial gases, real estate and pharmaceutical products.
The company mainly attributed the rise in revenue to the 15-percent growth in LPG sales volume to 58,745 metric tons from 51,047 MT a year ago.
Pryce said contributing to the rise was the higher average international LPG contract price $527 per MT in the first quarter from last year’s average of $465 per MT.
Local LPG prices normally reflect the international contract price of LPG. LPG prices are expected to go up this week to mirror the higher contract cost of LPG in the international market.