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By JAMES A. LOYOLA
Food and beverage firm RFM Corporation reported that its consolidated net income tripled to P63 million in the first quarter this year from P21 million for the same period of 2006.
In a disclosure filed with the Securities and Exchange Commission, the firm said it registered consolidated net sales of P1.7 billion for the quarter, a healthy expansion of 16 percent over the P1.4 billion achieved for the same period last year.
RFM Chief Financial Officer Raymond B. Azcarate said "all of the company’s business units performed well, with sales of Fiesta Pasta having grown by 21 percent, Selecta ice cream by 20 percent, flour by 18 percent, Selecta milk and Sunkist juices by 11 percent and Swift meat products by 9 percent."
He attributed the better performance to both volume growth and higher selling prices for RFM’s range of food and beverage products, as well as the incremental contribution of newly-introduced products such as Selecta fortified filled milk, Moo Choco Craze milk, Sunkist tea drinks in PET bottles, and Swift SAM brown hotdogs.
Despite the rising cost of domestic raw materials, freight and handling, utilities and wages, RFM was able to maintain its gross margins due to higher volume sales and selling prices, together with the positive effect of an appreciating peso on imported raw materials.
At the same time, RFM’s operating expenses as a percentage to sales were kept under control, leading to an increase in operating income to almost P90 million for the first quarter.
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http://www.mb.com.ph/BSNS2007051694038.html
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