Concepcion Industrial Corp. (CIC) reported an 89.4% decline in attributable net income for the second quarter to P37.7 million from P355.4 million a year earlier, according to BusinessWorld. The sharp drop was driven by lower gross profit, higher operating expenses, and weaker equity earnings from associate Concepcion Midea, Inc.
For the April-to-June period, net income fell 75% to an undisclosed amount. The company attributed the poor performance to rising input costs and competitive pressures in the consumer durables and industrial segments.
CIC’s financial results underscore the challenging environment for Philippine manufacturers amid elevated inflation and supply chain disruptions. The company did not provide a specific outlook for the remainder of the year.