RFM Eyes P700-M Profit in 2010
Posted on July 8, 2010
Filed Under Corporate News | 1 Comment
Food and beverage company RFM Corporation has raised its target net income this year to P600 million to P700 million from the original goal of P500 million, which is already a 37 percent jump over the P365 million in 2009, on the back of strong ice cream and pasta sales.
RFM reported a net income of P320.8 million for the first five months of the year, more than seven times the net income for the same period last year.
During the firm’s annual stockholders meeting, RFM president Jose A. Concepcion III said “this income growth momentum should bring us to about P400 million by the first half of 2010, well on the way to surpassing our original P500-million target for the full year.
Concepcion attributed the current year’s performance to robust sales results brought about by several product innovations, backed by more aggressive marketing campaigns for almost all the brands under RFM.
He said that, from last year, RFM has increased by 50 percent its investments in marketing to further build brand equity. Revenue growth, coupled with better-managed cost structures and operating efficiencies, have pushed up operating margins this year. (mb.com.ph)
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