Ice cream sales boost RFM's Q3 net income

Listed food and beverage company RFM Corp. booked a 20 percent increase in net income during the third quarter on account of higher ice cream sales.

"Selecta Ice cream sales drove the strong third quarter performance of RFM as the country saw relatively less than-usual wet weather in the third quarter that helped propel ice cream sales," RFM president and CEO Jose Concepcion III said.

In a disclosure to the Philippine Stock Exchange on Friday, RFM said it posted a net income of P211 million, up 20 percent from P175 million a year earlier.

RFM’s joint venture with Unilever sells ice cream under the Selecta, Cornetto, and Magnum brands.

Total revenue stood at P3.16 billion, up 7 percent from P2.96 billion year-on-year.

Revenue from Royal and Fiesta pasta brands and from Selecta Milk and Sunkist juices were flat, according to RFM.

RFM expects growth to pick up in the fourth quarter as the Christmas season begins.

"There was sustained increase in the revenues of the company’s private label bread unit that also helped offset the weaker performance of other institutional revenue sources like flour," it said.
 
The company said it is on track to beat its 2016 net income of P1 billion. — Ted Cordero/VDS, GMA News