RFM net income up 20% to P221M in Q3 ’17

October 15, 2017 - 11:58 AM
File photo of RFM's icea cream products. Sales from ice cream was credited for the robust net income growth in the third quarter of 2017. BUSINESSWORLDONLINE FILE PHOTO

MANILA – Net income of listed food and beverage firm RFM Corp. rose to P211 million in the 3rd Quarter this year, up 20 percent from net income in the same period in 2016.

In a disclosure with the Philippine Stocks Exchange, RFM said revenues, which grew 7 percent to P3.16 billion, pushed RFM’s strong net income for Q3 2017.

RFM President and Chief Executive Officer Jose Concepcion III attributed the company’s robust performance from July to September to ice cream sales, with less-than-usual wet weather during the third quarter of the year.

RFM sells ice cream brand such as Selecta, Cornetto, and Magnum, among others, through a joint venture with Unilever.

On the other hand, sales from its pasta brands — Royal and Fiesta – as well as from Selecta Milk and Sunkist juice drinks remained flat in Q3 2017.

But RFM expects revenues from these brands to increase by fourth quarter of the year as Christmas selling season kicks off.

Moreover, the company is optimistic to surpass its P1.0-billion net income in 2016 by year-end.