Canned food manufacturer Century Pacific Food Inc. (CNPF) chalked up a net profit of P1.2 billion in the first nine months, meeting 80 percent of its goal for the full year.
CNPF is thus seen on track to hit its P1.5-billion full-year target for 2014, rising from the P744-million net profit posted in 2013.
The nine-month net profit accounted for 165 percent of full-year net profit posted in 2013, President and CEO Christopher Po reported to stockholders.
Net profit for the third quarter alone amounted to P509.5 million.
For the fourth quarter, Po said indications were still good. “We came from a very strong third quarter. There’s nothing to tell us that momentum has slowed down.”
For the nine-month period, CNPF said that business was driven by strong demand from both the domestic and export market, together with sustained margins from the canned tuna and canned meat business segments.
Consolidated net revenue for the nine-month period amounted to P15.2 billion. For the third quarter alone, CNPF achieved P5.6 billion in revenues, an increase of 8 percent from the previous quarter.
Source: Philippine Daily Inquirer – Doris C. Dumlao
