MANILA, Philippines - Profits of Pepsi-Cola Products Philippines, Inc. grew by more than threefold in the nine months to September on "better-than-expected" sales during the third quarter.
The firm booked P696.837 million in net income, a 209% jump from last year's P225.830 million, according to Pepsi-Cola Products' disclosure to the Philippine Stock Exchange.
Gross profit surged 42% to P3.831 billion from P2.704 billion in January to September, while operating expenses reached P2.866 billion, up 20% from P2.387 billion.
For the third quarter alone, net income of the firm inched by 1% to P119.335 million from P118.176 million.
Gross profit of the firm climbed 12% to P1.149 billion from P1.025 billion, while operating expenses increased by 16% to P991.005 million from P857.754 million.
"The company generated strong third quarter and nine-month period top-line sales despite the fact that the third quarter is typically a difficult period for the beverage industry due to seasonality," the disclosure read.
The firm also noted heavy monsoon rains that battered the country in July and August that further affected the sales.
However, revenues of the company were driven by "better-than-expected sales volume performance across brands and categories."
Products of the company include Pepsi, Mountain Dew, Tropicana, Gatorade, and Sting.