Amid lower sales revenue, the income of listed food and beverage company RFM Corp. for the first half of the year climbed by 28 percent.
RFM reported in its disclosure to the Philippine Stock Exchange on Monday that it posted a 28-percent growth in its net income for the first six months of the year, climbing to P387 million from the P302 million registered in the same period last year.
According to RFM, its first-half income was on the back of its P4.77-billion revenues for the period, even if this was lower than last year because of the disposal of its meat business. The company’s sales revenue during the same period in 2012 was P5.26 billion. Jose Concepcion 3rd, RFM president and chief executive officer, attributed the income growth to better margins in its core businesses, as well as relatively higher sales of higher-margin products in the second quarter.
“The lower commodity input costs this year, such as for sugar and wheat, helped in bringing cost levels down, as well as our ability to pass on the gains to higher value-added products in Selecta ice cream and Fiesta pasta,” he said.
Concepcion also said that thee company expects higher peaks in the coming fourth quarter, when consumer spending starts to go up until the Christmas season.
Madelaine B. Miraflor