Century Pacific Food of the Philippines booked an increase in first-half profit due to growth in its branded consumer foods business and a strong recovery in exports from the original equipment manufacturer segment.
The Philippines largest canned food company and owner of products such as Argentina Corned Beef and 555 Sardines, saw net income rise 8% to PHP1.47bn (US$29m) in the six months through June from a year earlier, it said in a statement today (7 August). Sales climbed 23% to PHP16bn, with the branded food sector registering a 13% increase to PHP11.5bn while OEM’s were up 60% at PHP4.5bn.
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“The favourable top-line performance was driven both by increases in sales volume and higher average selling prices across all its business units,” said CFO Oscar Pobre. “We faced a relatively tough first half in terms of elevated raw material prices. These are likely to persist for the balance of 2017 and margins will continue to be under pressure in the second half.”
The Philippines exchange-listed company said operating income rose 7% to give a first-half margin of 27%.
“Our longer-term focus remains on strengthening our brands, growing our categories and delivering value to both our consumers and other stakeholders,” Pobre said.
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