Century Pacific income up 7% in Q1

MANILA, Philippines - Century Pacific Food Inc. (CNPF), the countrys’ largest canned food company, reported a net income of P320 million, in the first quarter, up seven percent from last year’s level, the company said in a disclosure to the Philippine Stock Exchange (PSE).

The earnings increase was on the back of P4.5 billion in revenues, or 21 percent of the revenue target for the whole year, the company added.

CNPF attributed 80 percent of sales to its branded products, with exports of private-label tuna products accounting for the balance.

The company produces leading brands such as Century Tuna, 555, Argentina, Swift and Birch Tree.

With the first quarter results, CNPF’s chief finance officer Oscar

Pobre, said he is optimistic the company’s rosy performance would continue for the rest of the year.

“We are confident that the good performance in the first three months will continue throughout 2014,” he said.

He said the second half of the year is expected to further boost sales with the onset of the rainy season, opening of classes, and the start of the Christmas season.

“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,” he said.

Favorable materials prices, higher volumes, and increased selling prices for branded products were the key drivers of the company’s financial performance, Pobre said.

CNPF is engaged in the development, marketing, and distribution of processed fish, meat, and dairy products. Its brands have established market-leading positions within their respective segments and are well recognized by Filipinos both locally and abroad. CNPF also produces private label tuna products for export to major overseas markets.

The company was the leading Philippine exporter of tuna products in 2013, according to data from the Bureau of Customs.