RFM hopes to hit 2016 profit target

MANILA, Philippines - RFM Corp. is hoping to have hit its P1 billion net income target for 2016 due to favorable business environment.

“The pasta did well and the ice cream did well. Generally speaking, the economy did pretty okay last year. There were no major typhoons and consumer spending was up because of the elections,” RFM president and CEO Jose Concepcion III told The STAR in a chance interview.

Latest available data from the company showed earnings reached P683 million in the first nine months of 2016, up nine percent year on year as revenues rose nine percent to P8.73 billion.

The strong nine-month performance came about as a result of the continued improvement of branded consumers goods under Selecta ice cream, Fiesta Pasta and Selecta Milk.

Ice cream sales sustained their double-digit rise due to increased availability, affordability and visibility. 

The company’s P59 pasta-and- sauce dish TV campaign during the third quarter also supported Fiesta pasta’s growth momentum.