Strong sales of pantry essentials boost RFM profit | Inquirer Business

Strong sales of pantry essentials boost RFM profit

/ 04:03 AM November 02, 2020

Concepcion group-led food manufacturer RFM grew its third quarter net profit by 10.1 percent year-on-year to P282 million on sustained sales growth of shelf-stable food supply milk, pasta and sauce products.

For the nine-month period, RFM’s net profit rose by 7 percent year-on-year to P893 million, the company disclosed to the Philippine Stock Exchange.

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RFM delivered net revenues of P11.2 billion for the nine-month period, 4 percent higher compared to the same period last year.

The drivers of the group’s revenue growth were flagship brands Selecta Milk, Fiesta and Royal, the disclosure said.

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For the third quarter alone, net revenues went up by 7.8 percent year-on-year to P4.1 billion.

Selling and marketing expenses for the quarter rose by 7.4 percent year-on-year to P870 million while general and administrative expenses fell by 12.4 percent year-on-year to P248 million. —Doris ­Dumlao-Abadilla INQ

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TAGS: Business, RFM
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