CENTURY Pacific Food, Inc. reported on Wednesday that its earnings in the first quarter rose by 10% to P1.4 billion, driven by the performance of its branded segment.

“The first quarter of 2022 has received more than its fair share of headwinds, yet, concurrently, we are feeling tailwinds coming from the Philippine economic reopening,” Century Pacific Chief Finance Officer Richard S. Manapat said in a statement.

“Consumers are feeling the impact of rising commodity prices but, compared to the height of the pandemic, have more disposable income. They continue to gravitate toward essential goods and value for money brands, underpinning the demand for Century products,” he added.

Consolidated net revenues likewise increased by 10% to P14.7 billion from the similar period the year before.

Of its businesses, the branded segment contributed 82% to the company’s topline. The segment is composed of marine, meat, milk and other emerging businesses.

The company reported a year-on-year growth of 17% as domestic demand for affordable and shelf-stable consumer goods remained resilient for the quarter.

Meanwhile, the company’s tuna and coconut exports business contracted by 13% due to rising freight rates from Asia to the West and limited container availability.

Mr. Manapat said he was grateful for the continued resilience shown by the company.

“We have seen two consecutive years of extraordinary performance and kickstarted 2022 with healthy business results. This puts us in a good position to power through what we expect to be a volatile year, especially with respect to rising input prices,” he said.

He added that the company is intent on pursuing “long-term growth initiatives” by continuously boosting its core marine and meat businesses and investing in the growth of its emerging businesses, citing newly launched “innovations.”

In 2019, the company launched its packaged culinary coconut cream brand Coco Mama, which has been posting “strong results” since then.

In 2020, it entered the nascent plant-based meat alternatives category with the launch of its unMEAT brand. It also entered the pet food market last year with its brand Goodest.

“We see much uncertainty lying ahead but in times like these, we believe it is crucial for us to remain focused on running a sustainable business for our stakeholders. To us, that means keeping to our mission of providing affordable nutrition to our consumers, staying true to our strategic priorities, and proactively managing risks to deliver decent business results in parallel,” Mr. Manapat said.

Century Pacific is primarily engaged in manufacturing, marketing, and distributing processed marine, meat, milk, coconut, plant-based, and pet products. Its brands include Century Tuna, Argentina, 555, Angel, and Birch Tree.

Century Pacific stocks dropped by 70 centavos or 3.06% to close at P22.20 each at the stock exchange on Wednesday. — Luisa Maria Jacinta C. Jocson

REAL estate developer Cebu Landmasters, Inc. (CLI) announced on Wednesday that it is launching Casa Mira Homes Ormoc subdivision as part of its Eastern Visayas expansion.

“We are pleased that Casa Mira has facilitated the company’s expansion to untapped markets like Ormoc. At the same time, it has offered prospective families in Visayas and Mindanao a chance to make the big leap to first-time homeownership,” CLI Chairman and Chief Executive Jose R. Soberano III said in a statement on Wednesday.

As the 11^th Casa Mira development in Visayas and Mindanao (VisMin), the project has 685 units on a nine-hectare property. It is expected to be completed by 2023 and projected to generate sales of P2 billion.

“Pre-selling activities preceded the launch of the P950-million development offering townhouses and single-detached units with floor areas from 42 to 62 square meters (sq.m.). Casa Mira Homes Ormoc is now close to 70% sold attesting to the popularity of the listed company’s economic housing brand,” CLI said.

The residential brand includes amenities such as chapel, swimming pool, play area, basketball and tennis courts.

CLI said it is set to unveil more Casa Mira projects in Cebu, Ormoc, Bacolod, Iloilo, Cagayan de Oro, Davao, Dumaguete and Palawan within the year.

The property developer has a portfolio of 63 residential projects across VisMin offering close to 30,000 units for the high-end, mid-market and economic segments, with the total sales value of the said projects amounting to P73.6 billion, with 89% of the units sold out.

For 2022, CLI said it is also set to launch 20 new projects.

For 2021, the company said its net income attributable to shareholders grew 42% to P2.61 billion amid strong housing demand, exceeding its 2019 bottom line by 30%.

On Wednesday, CLI shares were down by four centavos or 1.43% to finish at P2.75 at the stock exchange. — Luisa Maria Jacinta C. Jocson

INTEGRATED Micro-Electronics, Inc. (IMI) on Wednesday reported a net loss of $2 million in the first quarter of 2022 due to supply chain disruptions.

“As the entire industry has been dealing with the global component shortage for more than a year, IMI teams across the globe continue to embody the resilience and determination that has enabled us to rebound from similar macro-economic obstacles in the past,” IMI Chief Executive Arthur R. Tan said in a statement.

The company said that supply chain delays hindered profitability but cost saving measures and continued collaboration with customers and suppliers mitigated the increased costs.

IMI did not provide a comparative year-ago figure, but it said the current loss figure “narrowed” compared with the previous quarter.

Meanwhile, revenues during the first quarter of this year grew 2% to $334 million year on year.

“Customer demand remains strong and new product development is still in high gear as evidenced by our revenue growth and strong pipeline performance despite the global supply chain issues in the past several quarters,” Mr. Tan said.

He added that the focus of the company now is on driving profitability by “collaborating with customers and improving supply chain efficiency as the component situation normalizes.”

IMI’s wholly owned businesses ended the first quarter with $258 million in revenues, or up 1% from the same period last year.

Meanwhile, its subsidiaries’ revenues improved by 4% to $76 million.

“However, with these business units having more specialized products in the automotive, aerospace and defense markets, extended supply lead times and limited opportunities to use alternative components have significantly affected margins. COVID-related shutdowns and transportation disruptions in Suzhou, China have also affected operations in VIA [Optronics GmbH],” IMI said.

In total, non-wholly owned subsidiaries reported a net loss of $5.3 million.

“The recent lockdowns in China and intense geopolitical tension in Europe have created a new set of uncertainties in the global market. Along with the extended recovery of the electronics supply chain, IMI is still being challenged by multiple macroeconomic headwinds,” IMI President Jerome S. Tan said.

“However, globally, we have been managing these disruptions while taking advantage of opportunities to improve our operations. As more economies start to open up and the world returns to normalcy, the company remains committed to manufacturing excellence and accelerating our return to better profitability,” he added.

IMI is the manufacturing arm of AC Industrial Technology Holdings, Inc., a wholly owned subsidiary of Ayala Corp.

It specializes in “highly reliable and quality electronics for long product life cycle segments such as automotive, industrial electronics and more recently, the aerospace market.”

At the stock exchange on Wednesday, IMI shares were up by two centavos or 0.29% to close at P7.00. — Luisa Maria Jacinta C. Jocson

LISTED food and beverage company RFM Corp. reported a 4% increase in net income to P334 million in the first quarter, driven by higher sales volume and product prices.

“Amid the inflationary situation in the economy today, RFM is trying to balance passing the commodity inflation thru managed price increases on one hand and absorbing the cost inflation on the other hand, because consumer spending power is constrained. We think if we pass on all the cost inflation, there will be demand destruction,” RFM Chief Executive Jose Ma. A. Concepcion III said in a statement on Wednesday.

Sales grew by 17% to P3.9 billion due to volume and price increases in its brands and products, particularly in its ice cream, milk and institutional segments.

“We expect our margins to continue to be under pressure and thus we are cautious in our spending this 2022. We are finishing the capex (capital expenditure) we have already started and we are also reviewing other proposed capex in the meantime,” Mr. Concepcion said.

He said that the “strong pricing power” of the company’s brands, especially in ice cream and milk, helped keep margins from declining.

“The company’s balance sheet remains very strong with excellent liquidity… the rise in raw material prices have also increased the working capital requirements for 2022 but the good cash position of the company funded all of the increase in working capital,” Mr. Concepcion said.

For 2022, the company is looking at continued growth in its topline and single-digit growth to “flattish” income.

“If commodity prices reverse from their steep uptrend, then income could possibly trend higher in the second half of 2022,” Mr. Concepcion said.

From its original business of flour milling, the company diversified into poultry and livestock production and areas of food manufacturing that include flour-based products, margarine, milk and juices, canned and processed meat, ice cream, and bottled mineral water.

RFM also operates non-food businesses such as barging services and leasing of commercial or office spaces.

Its subsidiaries and affiliates in food and non-food businesses include Unilever RFM Ice Cream, Inc.; RFM Foods Philippines Corp.; Southstar Bottled Water Co., Inc.; Engrain-RFM Pacific, Inc.; FWBC Holdings, Inc.; RFM Equities, Inc.; Rizal Lighterage Corp.; WS Holdings, Inc.; and Selecta Wall’s Land Corp.

At the stock exchange, RFM shares ended lower by 10 centavos or 2.28% to finish at P4.29 apiece. — Luisa Maria Jacinta C. Jocson