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Century Pacific posts 7% increase in H1 bottom line


Food canning company Century Pacific Food Inc. (CNPF) on Wednesday reported a 7-percent climb in its bottom line in the first six months of the year, driven by higher sales during the period.

In a filing submitted to the local bourse by investor relations head Giovanna Vera, the company reported a total comprehensive income of P1.576 billion in the first semester, up from the P1.471 billion in 2017.

"We saw branded sales surge during the first half, as we hit records in terms of volumes sold and distribution outlets reached," CNPF chief finance officer Oscar Pobre said.

"We believe local macroeconomic factors have factored demand for our products, which have wide appeal and reach a broad consumer base," he explained.

New revenues for the period were registered at P19.324 billion from the previous year's P16.047 billion, while operating expenses rose to P2.091 billion from P2.016 billion.

"We are hopeful that the robust sales numbers will continue, but expect more muted year-on-year increases from here as we face higher revenue comparable period moving forward," said Pobre.

"We are also watchful as competition intensifies, though remain positive that our market leadership and growth prospects in emerging categories will help mitigate the effects," he added.

Century Pacific's brands in the market include Century Tuna, Argentina, 555, Angel, and Birch Tree. — Jon Viktor D. Cabuenas/BM, GMA News

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