Tuna canner CNPF hit P2.2-B profit at end-Sept.
Leading canned food manufacturer Century Pacific Food Inc. (CNPF) grew its nine-month net profit by 2 percent year-on-year to P2.2 billion due to the strong growth of its branded consumer foods business and continued recovery in exports.
The company said, however, input price pressures remained, thus gnawing on profit margins.
Return on equity remained robust at 20.7 percent as of end-September, CNPF said in a disclosure to the Philippine Stock Exchange on Monday.
CNPF’s nine-month sales increased by 21 percent year-on-year to P25.3 billion. The branded food segment alone grew business by 12 percent to P18 billion while exports of private label products to offshore producers or original equipment manufacturers (OEM) grew by more than 45 percent to P7.3 billion.
CNPF is the company behind household brands such as Century Tuna, Argentina, 555, Angel, and Birch Tree. —DORIS DUMLAO-ABADILLA
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