Selecta ice cream whips up RFM’s Q3 sales
RFM Corp. saw a 20 percent jump in its third quarter profit to P211 million on strong sales of Selecta ice cream.
Concepcion-led RFM said revenues rose seven percent to P3.16 billion.
Given higher earnings and revenues, the Concepcion-led food and drinks firm said it was on track to exceed its P1 billion net income last year.
RFM president and CEO Jose A. Concepcion III said Selecta Ice cream sales drove the strong third quarter performance as the country saw a relatively less- than-usual wet weather.
Steady growth in revenues from the company’s private label brand unit also helped offset the weaker performance of flour, pasta and drinks.
Revenues from Royal and Fiesta pasta brands as well as from Selecta Milk and Sunkist juices were flat.
“RFM continues to ensure long term growth momentum with the planned P1 billion capex program for the ice cream joint venture that would ensure adequate production capacity over the long term,” the company said.
The firm also allotted P250 million for the expansion of its flour unit over two years.