Century Pacific Food’s Q2 profit up 32%
Leading canned food manufacturer Century Pacific Food Inc. (CNPF) grew first semester net profit by 31 percent year-on-year to P2.2 billion, bucking the downturn seen by most businesses during the coronavirus (COVID19) pandemic.
In the second quarter alone, net income was up 32 percent year-on-year, slightly higher than the 31-percent increase seen in the first quarter.
The growth in earnings in the first semester was driven by a 28-percent expansion in consolidated revenues during the first six months of the year.
In terms of sales, growth accelerated more quickly to 32 percent in the second quarter, compared to 24 percent in the first quarter.
Oscar Pobre, CNPF’s chief finance officer said: “Our priorities continue to be keeping our employees safe, doing what we can for our communities, and ensuring our products are available and accessible, most especially amongst those who need them the most. We continued to see heightened demand for our shelf-stable products through the months of April, May, and June as quarantine measures and fear of going out persisted leading to consumers spending more time at home and cooking their own meals.”
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