Century Pacific nets P320M in Q1

MANILA, Philippines–Leading canned food manufacturer Century Pacific Food Inc. (CNPF) posted a net profit of P320 million in the first quarter, its first three months of operation under a new corporate set-up.

The first quarter net profit was achieved on the back of P4.5 billion in revenues which in turn accounted for 21 percent of its full-year target, CNPF disclosed to the Philippine Stock Exchange.

This bottomline level also attained 21 to 29 percent of full-year forecasts by analysts which range between P1.1 billion and P1.5 billion.

“We are confident that the good performance in the first three months will continue throughout 2014,” said Oscar Pobre, CNPF’s chief finance officer.

“Historically, the second half of the year performs better as the rainy season, school openings, and the Christmas holiday boost sales. We usually see close to 60 percent of our full-year revenues during this period,” Pobre added.

For the first quarter, the net profit margin was estimated at 7 percent compared to the group’s 4-percent margin for the whole of 2013.

About 80 percent of sales came from branded products while the export of private-label tuna products accounting for the balance. Its brands include Century Tuna, 555, Blue Bay, Fresca, Argentina, Swift, Wow, Lucky Seven, Angel, Birch Tree, Kaffe de Oro and Home Pride.

CNPF was incorporated and registered with the Securities and Exchange Commission on October 25, 2013. Starting January 1, 2014, the company underwent a one-time reorganization wherein CNPF assumed the business operations of parent company Century Canning Corp. (for canned tuna) and affiliate companies, Columbus Seafood Corp. (for canned sardine) and The Pacific Meat Co. Inc. (for canned meat). It also assumed ownership of subsidiaries Snow Mountain Dairy Corp. (dairy and mixes business) and General Tuna Corporation (tuna export business).