Century Pacific Food, Inc (PSE: CNPF), the largest canned food company in the Philippines, generated an unaudited net income of Php497 million in the second quarter of 2015. This represents a 25% increase over the Php398 million during the same period last year.
The Company’s performance was driven primarily by good volume growth in both its branded and private label businesses. Revenues for the quarter increased by 18% year-on-year, as sales totalled Php6.07 billion for the three months ended June 30, 2015 versus the Php5.13 billion in the second quarter of 2014.
For the first half of 2015, CNPF’s net income grew by 30% on the back of a 17% increase in revenues from the year before.
“We are pleased with the performance year to date and are confident that targets for 2015 will be met,” added CNPF’s Chief Finance Officer, Oscar Pobre.
The Company has also maintained its strong balance sheet position and has not incurred any interest bearing liabilities as of June 30, 2015.