RFM net income up 18 pct to P805-M in 2013
MANILA, Philippines – Concepcion-led food and beverage company RFM Corporation reported its net income jumped 18% to P805 million in 2013, from P682 million in 2012.
RFM president and CEO Jose Concepcion III said better margins in its core businesses, higher sales of higher-margin products, and reduced overhead expenses led to growth in profits,
“The lower commodity input costs in the early part of the year and managed operating expenses helped in bringing our cost levels down,” he said.
RFM posted P10.3 billion in sales revenues for the full year, lower than P11.1 billion revenues in 2012.
However, Concepcion said stronger consumer spending was seen in the firm’s Sunkist beverage and Selecta milk while Fiesta pasta improved its market leadership position to 35% market share in the third quarter from 29% in the previous quarter.
He added that the firm’s ice cream brand Selecta also posted growth in more product categories towards the end of 2013.
RFM recently announced the acquisition of Royal pasta brand, which is expected to complement its Fiesta brand and bring up its market share to nearly 50%.