Pryce Corp. net income up 32% in first nine months on LPG sales

Pryce Corp. posted a 32-percent increase in consolidated net income in the first nine months of the year, fueled by an increase in sales of liquefied petroleum gas (LPG).

Consolidated net income amounted to P942.69 million in January to September, from P712.49 million a year earlier, Pryce said in a regulatory filing on Thursday.

"Income stemmed from a similarly strong growth in revenue of almost 37 percent, fueled mainly by a nearly 23.3 percent growth in liquefied petroleum gas sales volumes in the Visayas and Mindanao markets," it said.

Revenue from LPG accounted for 93 percent of total sales, with the balance made up of sales in industrial gases, real estate, and pharmaceutical products.

Operating expenses rose by 16 percent to P612.47 million, while operating income climbed 27 percent to P964.55 million from P759.15 million.

Pryce generates revenue through 12 memorial parks in Mindanao, and two subsidiaries—LPG importer and distributor Pryce Gases Inc. and Pryce Pharmaceuticals Inc.

Share prices of PPC opened at P6.45 apiece Thursday, up 0.78 percent from P6.40 at the close of trading on Wednesday. — Jon Viktor Cabuenas/VDS, GMA News