Century Pacific earns 45% more in Q1

MANILA, Philippines - Century Pacific Food Inc. (CNPF) reported a net income of P636 million in the first quarter, 45 percent higher than the same period a year ago.

CNPF attributed the increase to the strong demand for its branded products, subdued prices of key raw materials and the financial consolidation of newly acquired Century Pacific Agricultural Ventures Inc.

 In a disclosure to the Philippine Stock Exchange Inc., CNPF said it generated revenues of P6.4 billion, up from P5.24 billion a year ago as sales from marine, meat and milk — which account for 78 percent of the company’s top line — grew 15 percent year on year.

Oscar Pobre, chief finance officer of CNPF, said the strong domestic economy has spurred demand for the company’s products.

“The domestic economy remains vibrant and our strong market position has allowed us to benefit from increased per capita consumption. Improved sales distribution and well executive marketing campaigns have also helped us sustain double-digit growth, enough to offset weakness in our private-label tuna export business where the global situation remains unchallenged,” Pobre said.

First quarter operating income and earnings before interest, depreciation and amortization amounted to P860 million and P934 million, reflecting an increase of 40 percent and 43 percent, respectively.

CNPF’s earnings growth was also boosted by the consolidation of CPAVIA into its books amid the rising global trend toward healthy and organic coconut products.

 It also noted the strong sales performance of modern retail chains and convenience stores, which have expanded across the country.