Pryce Corp. said Monday it posted a 48-percent increase in its first-quarter net income to P1.06 billion from P713.67 million a year ago.
Pryce said in a disclosure to the Philippine Stock Exchange the increase could be attributed to the 8-percent growth in its liquefied petroleum gas (LPG) retail sales volume in the Visayas-Mindanao area as well as a gain in marketable securities of P362 million.
Consolidated revenues in the three-month period also went up by P669 million, or 14.24 percent, to P5.36 billion from P4.69 billion in the first quarter of 2024.
LPG revenues remain the largest contributor to the company’s consolidated revenues, accounting for 93.03 percent of the total.
Income from operations during the period went up by 3.75 percent to P889.01 million from last year’s P856.88 million. Operating expenses went down by 1.6 percent due to turnover of selected sales centers to the dealers, allowing the company to save on rent, fuel and maintenance expenses.
