Concepcion Industrial Corp. posted a 50% fall in profit after tax and minority interest to P471 million in 2020, highlighting the impact of the pandemic lockdowns on its operations.
The company also disclosed to the stock exchange on Wednesday a 29% fall in net sales last year to P10.8 billion. The company pointed to the health crisis as the reason for the decline.
Including the performance of its Concepcion Midea, Inc. affiliate, overall sales decreased by 24%, said the company, which sells consumer appliance products and provides building solutions.
“Both consumer as well as commercial markets slowed down during the early parts of 2020,” the company said in a statement.
The company’s performance switched gears in the second half of the year, as “some uptick recovery” was seen in the consumer segment in the third quarter.
“Our focus throughout 2020 was to ensure our readiness as an organization even as we put temporary measures to temper the impact of very weak demand,” Concepcion Industrial Chairman and Chief Executive Officer Raul Joseph A. Concepcion said in the statement.
Even as numbers dropped in 2020, the company remains hopeful for the year ahead.
“We continue to make investments in reenergizing our brands, the right technology platforms, and innovation as we open the doors to better days ahead in 2021,” Mr. Concepcion said.
On Wednesday, Concepcion Industrial shares rose at the stock exchange by 5.12%, closing at P21.55 apiece. — Kaycee G. Valmonte
