Listed Price Corp. reported a lower net profit of P708.79 million at the end of June this year compared to P745.92 million in the same period a year ago.
The 4.98 percent decline was mainly driven by an increase in operating costs.
Operating expenses were reported on Thursday to rise 16.84% to £ 1 billion due to inflation and rising fuel prices, thus causing increases in the cost of transport, wages, services, logistics and supplies. He added that the opening of new sales centers and charging facilities has further increased costs.
In addition, other income also fell. “All of these contributed to the 4.89% drop in net profit.”
The company completed a new maritime import terminal in Lugait, Misamis Oriental, last December. It has a storage capacity of 4,000 tons (MT), the largest in Mindanao.
Price Corp. is expected to complete another marine terminal by the end of this year in Lila, Bohol. At that point, Pryce Corp. would have a total of 10 maritime import terminals, bringing its combined storage capacity of all maritime terminals to 38,840 MT.
Last year, the company built three charging plants and 178 new sales centers.
Pryce said it had recorded a 39.17% increase in revenues to £ 9.91 billion from January to June compared to the same period last year.
“The increase in consolidated revenues is mainly explained by the increase in the average prices of international LPG contracts and, secondarily, by the growth in the sales volume of LPG,” he said.
The company said the average contract price, which directly affects local LPG prices, rose 51.6% from $ 546.25 per tonne in the previous half year to $ 827.92 per tonne this year. The increase in the contract price is due to the interruption of the oil supply chain, caused by the Russia-Ukraine war.
The volume of LPG sales grew by 12.3% to 141,214 tons compared to the 125,776 tons of the previous year. The increase occurred largely in Luzon where margins are lower than in Visayas and Mindanao.