Century Pacific Food (CNPF), the Philippines’ largest canned food company, reported first quarter revenues of PHP 4.5 billion (USD 102.7 million, EUR 75.8 million), 21 percent of its full-year 2014 target.
The company’s net income totaled PHP 320 million (USD 7.3 million, EUR 5.4 million), up 7 percent compared to the previous year. The company said strong sales and better margins contributed to the increase.
CNPF attributed 80 percent of its sales to branded products, with export of private-label tuna products accounting for the rest. The company said “favorable materials, higher volumes and increased selling prices for branded products” were key drivers of its financial performance.
The company is behind leading brands such as Century Tuna, 555, Argentina, Swift and Birch Tree.
“We are confident that the good performance in the first three months will continue throughout 2014,” said Oscar Pobre, CFO. “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 percent of our full-year revenues during this period.”
