Filtered By: Money
Money

Century Pacific Food Inc. net income down 4% in 2017


Listed canned food company Century Pacific Food Inc. on Wednesday reported a drop in its profits in 2017, on the back of higher prices of raw materials.

In a disclosure to the local stock exchange, CNPF reported a 4-percent dip in profits to P2.55 billion.

"Amidst a more challenging input cost environment, our businesses fared relatively well," CNPF executive chairman Christopher Po said in the filing submitted by compliance officer Genevieve Yu.

This comes as the company saw consolidated revenues grow 22 percent to P34.50 billion for the full-year 2017.

"We are happy to note the sustained demand for our products across all segments," Po said.

Among the brands under CNPF are Century Tuna, Argentina, 555, Angel, and Birch Tree.

"Though headwinds coming from cost pressures are likely to remain into the early part of 2018, we have already seen the softening in the prices of raw materials and look forward to an improvement in margins beginning middle of this year," Po said.

"Meanwhile, we are focused on keeping expenses low and ensuring that our buoyant top-line growth continues," he added. — BM, GMA News

LOADING CONTENT