Century Pacific books double-digit sales amid costlier raw materials
Century Pacific Food, Inc. (CNPF), and leading exporter of original equipment manufacturer (OEM) tuna and coconut products saw a 2% year-on-year gain in profit in the first nine months of the year with credits to a double-digit growth in revenue despite higher prices of raw materials.
The country’s largest canned food company told the stock exchange Monday that its net income expanded 2% year-on-year to P2.2 billion for the first nine months ending September.
Revenues during the period stood at P25.3 billion, soaring 21% from a year ago as its branded food category booked a 12% yearly increase to P18 billion.
However, the firm’s operating income inched up 1% from a year ago amid higher raw material prices “which are likely to remain up to middle of next year.”
“Despite these challenges which we believe are cyclical in nature, we remain focused on delivering the Company’s strategy of sustainable earnings growth over a longer time period,” said Chief Finance Officer Oscar Pobre.
“We also remain positive that the strong momentum on our topline, maintained market leadership in key categories, and exciting growth prospects in new products put us in a good position to benefit once input prices begin to soften.”