Century Tuna maker books P2.16 billion

CENTURY PACIFIC Food, Inc. booked 44% more earnings in the first nine months, following a sustained growth in the branded food business, generally subdued input costs and the consolidation of a coconut business.

In a statement issued on Monday, Century Pacific Food reported its net income jumped to P2.16 billion, following a 22% increase in revenues to P21 billion. In the third quarter alone, the food canner’s profit soared 42% to P798 million.

“Our branded businesses have maintained double- digit growth owing to our various sales and marketing initiatives, coupled with sustained consumer spending. Increasing demand for convenient, healthy, and affordable staples has benefitted our core offerings as well as recent product innovations,” Century Pacific Chief Finance Officer Oscar A. Pobre said in the statement. Its branded food business includes Century Tuna, 555, Blue Bay, Fresca, Argentina, Swift, among others. Revenues from the company’s domestic operations was supported by the growing coconut exports business and a recovery in original equipment manufacturer tuna exports, whose third- quarter revenue growth swung back to double digits.

“At the same time, we are cautious given some slowdown which is likely affected by several factors. These include the absence of electionrelated spending and the delay in school openings into the second half. Another headwind was elevated coconut prices due to this year’s El Niño phenomenon,” Mr. Pobre said.

Century Pacific expects to maintain a double- digit earnings growth toward the yearend, with Mr. Pobre noting: “Despite some challenges, we remain optimistic that we will hit our targets and that Philippine consumption will remain generally healthy.”

Shares in Century Pacific closed 38 centavos or 2.32% lower at P16 apiece on the Philippine Stock Exchange on Monday. — D. Mariano