RFM reports 5% growth in 1st quarter profit
Concepcion family-led RFM Corp. continued to make sweet profit in the first quarter of the year as its consumer businesses benefited from the consistent strong demand for its brands.
In a disclosure to the Philippine Stock Exchange, RFM reported a 5-percent increase in its net income to P221 million against P211 million in the same period last year. This is on the back of higher revenue posted in the same period at P3.1 billion from P2.8 billion a year ago.
Its core brands Fiesta pasta, Royal pasta, and Selecta ice cream continued to be the major drivers of revenue, posting double-digit growth versus last year, thanks to the “healthy consumer appetite for the brands.”
On the cost side, input costs were reduced due to a relatively stronger peso.
Nonetheless, the company said it was continuing to monitor the prices of raw materials especially sugar, packaging, milk, and wheat.
“Better pricing of these items in the coming months can sustain strong earnings growth for manufacturing businesses,” it said. —KARL
- OCAMPO
