(Trading Markets.com)
Food and beverage company RFM Corporation PSE:RFM), in its disclosure to the Philippine Stock Exchange, reported a net income of P365 million (US$8 million) for 2009, an increase of 49 per cent from P245 million (US$5.3 million) netted the previous year.
The food giant reported its financial performance for the year, with net sales registering at P7.97 billion, up six per cent over P7.55 billion in 2008. Operating income came in at over P613 million in 2009.
RFM president and chief operating officer Jose Concepcion credited the strong performance to better gross margins as major raw materials cost softened towards the second half of the year.
He also attributed the company's lower-cost operating platform to the transfer to more integrated, modern and efficient production facilities for its pasta, beverage and meat products.
Concepcion, who is also the founder of the Go Negosyo advocacy, a lead proponent in the push towards a positive and enterprising mindset among Filipinos, continued to express optimism and confidence in RFM moving forward.
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