Concepcion Industrial Corp. (CIC) is looking at a single-digit growth in both earnings and revenues for the year, calling 2018 an “even more challenging year than 2017” due to inflationary pressures and the weakening peso.
“I think economy-wise, it will be even more challenging, with the full effect basically of inflation going up, continued peso devaluation,” CIC Chairman and Chief Executive Officer Raul Joseph A. Concepcion told reporters after the company’s annual shareholders’ meeting in Makati City on Wednesday, July 11.
Mr. Concepcion noted that higher inflation—which accelerated to a fresh five-year high of 5.2% in the month of June— may affect consumer spending over the near future.
“But as a company we still look at single-digit growth,” he said. — Arra B. Francia