Canned tuna food producer Century Pacific Food, Inc. said net income in 2017 dropped four percent to P2.55 billion due to higher raw material prices.
Century Pacific said in a disclosure to the stock exchange consolidated revenues, however, rose 22 percent after record sales of P34.50 billion on robust top line growth across all business units throughout 2017.
“Amid a more challenging input cost environment, our businesses fared relatively well. During this time, we’ve adopted a more conservative approach towards price increases in the face of inflationary pressures. This has helped further solidify our market shares, increase sales volume, and puts us in a good position to benefit once raw material prices soften,” said Century Pacific executive chairman Christopher Po.
The company’s earnings before interest, taxes, depreciation and amortization remained largely unchanged year-on-year at just over P3.95 billion.
