Splash profit climbs 80% in 9 months

Splash Corporation reported an 80 percent surge in net income to 40.9 million for the first three quarters of 2014 from the 22.7 million for the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said this is the result of an increase in operating profit by 72.6 percent and a decrease in operating expenses by 2.8 percent.

Sales for the period amounted to 2.57 billion up by 2.8 percent over the 2.50 billion for the same period last year. The revenue growth came from the 37 percent growth in Foods mainly from its international operation and the 8.4 percent growth in the Personal Care segment.

Sales of Splash Foods Corporation International continued to benefit from its expanded distribution network in North America, Middle East, Europe, and Australia and the broader product range of Barrio Fiesta Mixes being distributed in the USA.

“SFC is focusing on the international market particularly in areas where there are large concentrations of Filipinos due to the strong growth prospect in these markets. Barrio Fiesta shrimp paste and easy to use mixes affords overseas Filipinos a convenient way to have an authentic taste of home,” said Splash Foods president Ace Villa Real.

Sales of Personal Care in the Whitening and Exfoliant Categories grew by 81 percent and 6 percent, respectively, in Africa and the Middle East. Revenues of Personal Care Philippines increased by 8 percent for the first three quarters of 2014.

Core brand SkinWhite continued on its upward track, growing by a combined 15 percent for both its face and body lines. Operating profit of the Personal Care segment improved with reduced selling expenses in the major retail chains.

“The cost of doing business of Personal Care Philippines has decreased considerably by focusing on programs that mutually benefit the retail chains and the company,” said Splash Philippines Operations Division vice president Marco Nieto.