Century tuna producer reports 9% increase in net income for the first half of 2019

MANILA, Philippines – Century Pacific Food, Incorporated was bornand revenue increased by 9% to 1.71 billion pesetas in the first half of 2019, in a context of continued strong demand for its core brand products and its new range of dairy products.

In a regulatory filing with the Philippine Stock Exchange on Wednesday, July 31, Century Pacific also announced 9% year-over-year growth in its second quarter net profit of 917 million pesos.

Consolidated revenue grew 6% to 19.7 billion euros from January to June 2019. This is explained by the brand's activities, which grew by 12% over the same period last year. compared with the previous year, reaching 15.3 billion euros, or 78% of the turnover.

For the second quarter alone, gross revenues reached 9.87 billion pounds, an increase of 0.60% over the same period in 2018.

In addition to the company's seafood and meat products, Century Pacific also noted a strong use of its dairy products, which accounted for 22% of total sales at the end of June 2019.

Increased demand in branded companies, reduced operating expenses and lower input prices offset the decline in sales related to Original equipment manufacturers, because of falling prices of tuna and coconut.

Century Pacific closed the first half of 2019 with a 15% year-over-year increase in its eRevenue before interest, taxes, depreciation and amortization (EBITDA).

Despite single-digit growth, Century Pacific cOscar Pobre, head of finance at hief, said they were maintaining their double-digit growth target for 2019 by investing in "emerging categories and new innovations."

"At the same time, we will continue our efforts to measure environmental, social and governance indicators, possibly defining relevant objectives beyond the usual financial targets," he added.

"In the long run, these initiatives will allow us to continue to grow more sustainably and to better leverage the long-term trend of rising Philippine incomes." – Rappler.com