Century Pacific H1 profit up 46%
MANILA, Philippines – Century Pacific Food Inc. (CNPF) grew its first half net income by 46 percent to P1.36 billion, driven by strong demand for its branded food products.
In a disclosure to the Philippine Stock Exchange (PSE), CNPF said revenues rose by 15 percent to P13 billion.
In the second quarter alone, net income jumped 46 percent to P725 million while revenues went up three percent.
CNPF chief finance officer Oscar Pobre said the company benefited from its strong market campaigns.
“Top line growth across our 3 M’s – marine, meat and milk – continues to be driven almost completely by increases in volume. These can be attributed to our various sales and marketing campaigns, plus a strong local economy boosted by election spending,” he said.
CNPF, however, faced some challenges during the first half due to the El Niño weather disturbance and slowness in certain export markets.”
The company also noted a fast rising trend toward healthy and organic coconut products, which is offsetting sales weakness in private-label tuna. In terms of gross profit margins, this grew to 30 percent while net income margins increased by 10 percent.
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