MANILA, Philippines – Canned food maker Century Pacific Food Inc. posted a net income of P718 million in the first half of the year, nearly reaching the full year 2013 level.
Century Pacific said the strong performance in the first six months of the year was due to the strong demand for its products and favorable raw materials costs.
The firm, which is behind Century Tuna, 555, and Argentina, said it generated higher sales volumes through its "Century Superbods" and "555 Kumple-tuna" marketing campaigns.
Its net income in the second quarter slightly jumped to P398 million from the P320 million it reported in the first quarter.
Second quarter revenues also grew 14 percent compared to the first quarter. Year-to-date revenues, meanwhile, stand at P9.6 billion.
Century Pacific is looking to double its net income this year from the P744 million it reported last year.
"Our six month net income already approximates the full year 2013 figure. We are definitely on track towards hitting our P1.5 billion target for this year," said Century Pacific’s chief finance officer Oscar Pobre.
"The company also has a very strong balance sheet, with total assets of P9.5 billion, equity of P5.9 billion, and zero debt," he added.
Century Pacific also cut its first quarter financing costs by half as it partially used proceeds from an initial public offering last May 2014 to settle all interest-bearing loans.
The listed firm also raised P3.16 billion in fresh capital from the sale of 230 million shares at P13.75 apiece.