Ice cream sales push up RFM Corp’s net income by 8% in first half 2016
The Concepcion family’s RFM Corp. reported an eight-percent growth in its first half income to P508 million, as the sweltering summer increased demand for its Selecta ice cream.
In a disclosure to the stock exchange, RFM said its sales revenues increased by five percent from a year ago to P5.8 billion, with ice cream sales getting a boost from the combined impact of El Niño and the “usual hot weather during summer.”
RFM said its Fiesta pasta and sauce brand, its Selecta Milk as well as its White King cake and flour mixes also saw good topline growth during the period.
RFM President and CEO Jose A. Concepcion III said “improvements in our supply and distribution system also supported the growth momentum in sales and profits.”
The company said it expects to sustain its topline growth momentum for the second half of the year as it introduces more product innovations for the consumers.