Pryce Corp., a listed distributor of liquefied petroleum gas, said Wednesday net income surged 57 percent in the first nine months to P712.48 million from P453.17 million a year ago, led by higher revenues.
The company said consolidated revenues increased 14.9 percent in January to September to P4.74 billion from P4.12 billion recorded in the same period last year.
“This is underpinned by strong sales volume growth of liquefied petroleum gas, the group’s main product line, which grew 31 percent to 135,939 metric tons from 103,769 MT for the same period of last year,” Pryce said.
It said the strong sales volume growth countered the effects of an almost 15-percent drop in average selling price, enabling the group to register growth in revenues.
Sales of LPG, the group’s main product line, accounted for 90 percent of revenues of the company.
“Perhaps indicative of future growth in volume and revenue is the volume of sales of cylinders to new users, which shot up 73 percent to 143,000 units from the 83,000 units sold during the same period of last year,” Pryce said.