Century Pacific Food Inc. (CNPF), the Philippines’ largest canned food company, reported first quarter revenues of Php 4.5 billion, 21% of its full-year 2014 target. The Company’s net income totaled Php 320 million, equivalent to a 7% net income margin compared to last year’s 4%.
In a disclosure, CNPF attributed 80% of sales to its branded products, with export of private-label tuna products accounting for the balance. The Company is behind leading brands such as Century Tuna, 555, Argentina, Swift, and Birch Tree.
Oscar Pobre, CNPF’s Chief Finance Officer, said: “We are confident that the good performance in the first three months will continue throughout 2014.”
He added, “Historically, the second half of the year performs better as the rainy season, school openings, and the Christmas holiday boost sales. We usually see close to 60% of our full-year revenues during this period.”
Strong sales and better margins contributed to the increase in the Company’s top and bottom line results.
Favorable materials prices, higher volumes, and increased selling prices for branded products were key drivers of the Company’s financial performance.