Earnings of air conditioning and refrigeration company Concepcion Industrial Corp. (CIC) cooled down last year despite a strong fourth quarter showing.
CIC said full year earnings dipped five percent year-on-year to P358 million despite net sales rising by eight percent to P13.2 billion.
In the fourth quarter of last year, CIC’s net income doubled to P60 million from a year ago but this was not enough to recover the weak sell-out in the first quarter due to Omicron-related restrictions.
This was further aggravated by higher commodity and logistics costs and unfavorable foreign exchange due to the weak performance of the peso in most parts of the year.
“We felt the enduring effect of the pandemic and the economic impact to supply and demand in 2022,” CIC chairman and CEO Raul Joseph Concepcion said.
“However, we have continuously made refinements in our processes throughout the course of these challenges, with the utmost goal of protecting the long-term prospects of the business,” he added.
Concepcion said CIC remains optimistic about the future, hoping to seize opportunities as they present themselves.