Food and beverage group RFM Corp. grew its first semester net profit by 28 percent year-on-year to P387 million even as revenues declined due to the sale of its meat business last year.
In a disclosure to the Philippine Stock Exchange, RFM said sales revenues in the first six months declined by 9 percent year-on-year to P4.77 billion.
On the other hand, RFM president Jose Concepcion III attributed the income growth to better margins in its core businesses alongside relatively better sales of higher margin products in the second quarter.
RFM expects sales to peak in the coming fourth quarter when consumer spending starts to go up until the Christmas season, Concepcion added.
“For RFM, while we remain confident on the market leadership strength of our power brands Selecta and Fiesta, we never stop reinforcing our marketing strategies with timely and relevant product innovations that excite the Filipino consumers,” Concepcion said.
Moving forward, Concepcion said RFM may accelerate its growth through possible acquisitions and strategic partnerships. Doris C. Dumlao