RFM nets P525M first half, hopes to sustain earnings
Food and beverage firm RFM Corporation saw a slight improvement in its net income during the first half of the year, earning P525 million from P508 million it had in the same period last year.
This was disclosed through a filing with the Philippine Stock Exchange, which also showed how the company increased its revenues by 12 percent to P6.3 billion during the period.
President and CEO Jose Ma. A. Concepcion III said the healthy growth of the branded consumer businesses brought about a 3 percent growth in net income to P525 million despite the headwinds from softening prices of flour and the rise in commodity prices such as wheat, paper and sugar, as well as the peso depreciation.
The company particularly attributed the growth in most of its businesses including ice cream, flour, pasta, milk and private label.
To be exact, first half revenues of the ice cream category leader Selecta improved by 11 percent year on year, while its institutional sales including the bakery business expanded with an 8 percent increase.
Sales of RFM’s other flagship brands – Fiesta pasta, Royal pasta, White King mixes and Selecta Milk – likewise went up by 17 percent expansion for the six-month period.
Moving forward, Concepcion expects RFM to achieve a double-digit growth in revenues and mid to high single-digit income expansion, a report in Manila Bulletin showed.