Century Pacific posts P2.2-b profit

Canned tuna producer Century Pacific Food Inc. said Monday consolidated net income rose two percent in the first nine months of the year to P2.2 billion as the double-digit growth in revenues was offset by higher input costs.

Century Pacific said in a disclosure to the stock exchange consolidated net revenue in the first three quarters of 2017 jumped 21 percent to P25.27 billion, mainly because of the sustained double-digit growth of the branded businesses. 

Branded food registered a 12-percent increase to P18 billion, while original equipment manufacturer exports grew over 45 percent to P7.3 billion.

The company posted a net income of P746.7 million in the third quarter, down 6.8 percent from P797.7 millio a year ago.