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November 16, 2007 |
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PRYCE CORP: Turns Around with 3rd Quarter Profit of PHP131 Mil. Pryce Corp.'s consolidated income statements showed a net income of PHP131.531 million for the quarter ended September 30, 2007, a turn-around from the PHP8.459-million net loss recorded for the same period in 2006. For the July-September 2007 period, the company reported a gross income of PHP75.099 million, comprised of PHP378.679 million in revenues minus PHP303.58 million in costs and expenses. The company also reported operating expenses of PHP81.439 million, income from operations of PHP6.34 million, and PHP137.531 million of other income. The company also booked a net income of PHP168.868 million for the nine-month period ending September 30, 2007, a turnaround from the PHP41.842-million net loss incurred during the same period in 2006. For the nine-month period, the company reported a gross income of PHP231.967 million, operating expenses of PHP241.096 million, loss of PHP9.129 million from operations, and PHP177.997 million in other income. As of September 30, 2007, the company had PHP4.691 billion in total assets and PHP2.769 billion in total liabilities, resulting in a stockholders' equity of PHP1.921 billion. The company's third quarter and nine-month period financial statements can be downloaded for free at: http://www.pse.com.ph/html/ListedCompanies/pdf/2007/PPC_17Q_Sep2007.pdf About Pryce Corp. Makati City-based Pryce Corporation -- http://www.prycegardens.com/ -- formerly Pryce Properties Corporation, was incorporated as a property holding and real estate development company. The company's real estate undertakings include the development of memorial parks, residential and commercial properties and hotel operations. In 1997, LPG and industrial gases became the dominant business. Thus, the company changed its name to Pryce Corp. and its primary purpose from that of a property company to a manufacturing company. Pryce, thru its subsidiary Pryce Gases, Inc., manufactures and distributes oxygen and acetylene in the Visayas and Mindanao and trades in other gases such as argon, carbon dioxide and nitrogen. Pryce Corporation reported a net loss of PHP231.5 million for the year 2006 -- its third consecutive annual loss. In 2005, the company posted a PH51.1 million net loss. Pryce reported a PHP170.2 million net loss for 2004. |
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