Century Pacific’s second-quarter profit up by 9%

Century Pacific Food, Inc. (CNPF) delivered a nine percent increase in earnings for the second quarter of 2018, driven by the double-digit growth in branded revenues amid higher costs of raw materials.
In a regulatory filing, the listed canned goods manufacturer said net profit reached P838.9 million in the April to June period of 2018, higher than the P767.5 million it posted in the same period a year ago. Revenues for the quarter went up by 19% to P10.2 billion
This pushed the company’s topline performance 20% higher in the first six months of 2018 to P19.3 billion. Net income accordingly rose seven percent to P1.57 billion.
“We saw branded sales surge during the first half, as we hit records in terms of volumes sold and distribution outlets reached. We believe local macroeconomic factors have favored demand for our products, which have wide appeal and reach a broad consumer base,” CNPF Chief Finance Officer Oscar Pobre said in a statement. — Arra B. Francia