MANILA, Philippines - Century Pacific Food Inc. (CNPF), the country's largest canned food company, reported its net income hit P320 million in the first quarter of 2014.
The maker of Century Tuna posted a 21 percent increase in its revenues to P4.5 billion in the January to March period. This represents 21 percent of the company's full-year revenue target.
CNPF attributed 80 percent of its sales to its branded products such as Century Tuna, 555, Argentina, Swift and Birch Tree. The rest of the sales came from exports of private-label tuna products.
"We are confident that the good performance in the first three months will continue throughout 2014," Oscar Pobre, CNPF Chief Finance Officer, said.
"Historically, the second half of the year performs better as the rainy season, school openings, and the Christmas holiday boost sales. We usually see close to 60% of our full-year revenues during this period," he added.
CNPF attributed the growth in revenues and profits to strong sales and better margins.
"Favorable materials prices,higher volumes, and increased selling prices for branded products were key drivers of the Company’s financial performance," the company added.
CNPF is the leading Philippine exporter of tuna products in 2013. The company made its debut at the Philippine Stock Exchange last month.