MANILA, Philippines–Leading canned food producer Century Pacific Food Inc (CNPF) grew net profit in the first semester by 9 percent year-on-year to P1.7 billion on higher sales and improved margins arising from lower raw material prices and subdued operating expenses.
CNPF — the company behind consumer brands such as Century Tuna, Argentina, Swift and Birch Tree — grew sales revenues in the first six months by 6 percent year-on-year to P19.6 billion. This was mostly driven by the branded business, which grew sales by 12 percent year-on-year to a semestral record-high of P15.3 billion, equivalent to 78 percent of the total topline.
The sustained double-digit growth in the branded consumer segment was attributed to stable demand for marine and meat products, as well as the out performance of its burgeoning milk business. Milk, which used to account for just 11 percent of total sales in 2016, now accounted for 22 percent of the business.
Read more: Philippine Inquirer
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