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MANILA, Philippines—Food and beverage conglomerate RFM Corp. said its first-quarter net income rose 7.6 percent to P67.3 million from P62.6 million in the same period last year.

RFM senior vice president and chief financial officer Robbie Azcarate said “sales volume growth, coupled with calibrated price increases across the various food and beverage categories to cover cost increases, enabled the company to improve gross margins.”

“Also, the implementation of better plant efficiencies and cost management served to temper the adverse consequence of rising costs of domestic raw materials, freight and handling, utilities, and wages,” Azcarate said.

While food and beverage revenue grew year-on-year, the consolidated revenue of P1.6 billion in the first quarter was down 6.0 percent from P1.7 billion in the same quarter last year.

RFM recently reported a 2007 full-year audited net income performance of P234 million, up 16 percent from 2006. Elizabeth Sanchez-Lacson; with editing by INQUIRER.net

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• Metro Pacific buys 34% of Davao hospital
• JG Summit reports 61% profit drop
• Up to P2.5B for San Miguel Properties resort on Boracay
• JG Summit Q1 net profit down 61% on forex losses
• Philex Q1 net profit flat due to forex losses
• Napocor to reforest watersheds
• Robinsons Land Q2 profit up 27%
• Jollibee profit slips 9.4% on increased costs
• ABS-CBN profit drops 14%; GMA Network’s rises 6%

• Call centers scramble to widen talent pool
• ADB may let gov’t decide which projects to fund
• World stocks fall despite oil’s drop
• Oil falls below $144
• ERC turns down PSALM demand to collect P9B