July 19, 2015

RFM 1H15 net income +11% YoY to P472m

In a disclosure to the Exchange, RFM Corp (RFM) announced 1H15 net income of P472m, up11% YoY on the back of the 10% rise in revenues to P5.5b. This is also reflects an acceleration from the 8% earnings growth registered in 1Q15. The company attributed the growth in sales to the strong performance of its pasta group following the full consolidation of the results from the Royal pasta business which RFM has acquired. The ice cream business likewise experienced strong growth brought about by new product innovations with new product sales growing more than 20% YoY.

The company expects its strong first half performance to continue into the second half as it approaches its traditional peak periods coupled with election related spending. RFM expects the strong sales momentum together with operational improvements in its businesses to drive income for full-year 2015 beyond the P1b mark. - WealthSec