Pryce Corporation’s 3rd-quarter consolidated net income increased by 8.01% from Php 1.115 billion in 2018 to Php 1.204 billion in 2019. Over the same period, gross revenues improved by 4.18%, from Php 7.570 billion in 2018 to Php 7.887 billion in 2019.

This has reference to a previous disclosure PPC made (dated July 23, 2019) on the activity of its subsidiary, Pryce Gases, Inc. (“PGI”), as a consortium partner in Service Contract 55 (SC 55). The disclosure indicated that the SC 55 consortium may opt to enter an Appraisal Period, which will require the implementation of an Appraisal Work Program, which has to be approved by the Department of Energy.

Pryce Gases, Inc. (PGI), along with a consortium partner, has decided to enter Sub-Phase 5 of Service Contract 55 (SC 55) which will be effective on August 26, 2019. This is without prejudice to the consortium exercising its option to enter the Appraisal Period on or before August 26, 2019.