Alaska Milk reports 9-mo. net income dipped on higher costs

Alaska Milk Corp. reported Wednesday that its net income in the first nine months dipped on higher costs. In a statement, Alaska Milk said its earnings dipped 52 percent to P671 million in the nine months to September from P1.41 billion a year earlier. "Higher costs continue to weigh down on earnings. Combined cost of sales and operating expenses for the quarter, however, grew at a much faster rate of 15 percent, from P2.234 billion to P2.568 billion, largely due to sharp increases in raw material costs, particularly for skimmed milk powder," Alaska Milk said. Net sales slipped 10 percent to P7.75 billion, while operating income dropped 60 percent to P732 million. Third-quarter net income declined 41 percent to P211 billion, while net sales improved by 2 percent to P2.79 billion. — CMA/VS, GMA News