RFM Corp., the food and beverage company owned by the Concepcion family, said net income in the first nine months increased 9 percent to P683 million from a year ago.
RFM said in a disclosure to the stock exchange nine-month revenues rose 3.8 percent to P8.73 billion from P8.41 billion recorded in the same period last year.
RFM president and chief executive Jose Concepcion III said sales of branded consumer goods under Selecta ice cream, Fiesta pasta and Selecta Milk posted strong growth in January to September.
The company said despite the onset of La Niña phenomenon, ice cream sales sustained a double-digit rise behind the push for availability, affordability and visibility.
Pasta-business also showed a positive growth with the introduction of pasta-and-sauce spaghetti dish bundle.
Meanwhile, the soft prices in the flour business weighed down on revenue growth in the nine-month period. The discontinuation of traded products under Dole brand offset the growth in the consumer business to a small extent, it said.
RFM said for the rest of the year, it expected to sustain the 9-percent income growth, supported by the launch of the Royal pasta-and-sauce dish pack and the growth momentum of Fiesta pasta, milk and ice cream sales.
The company earlier said it expected 2016 net income to hit P1 billion on sustained topline growth momentum in the second half of the year, especially with more product innovations for the consumers.
RFM approved in August the declaration of a P181-million special cash dividends equivalent to 20 percent of the P905 million 2015 audited net income.
The cash dividends were on top of the declared and paid P272 million dividends in early 2016 .
Concepcion said the robust income and stable cashflows allowed RFM to build up its cash holdings this year.