RFM Corp. of the Concepcion family reported a net income of P314 million in the second quarter of the year, nearly flat from P310 million year-on-year as expenses rose faster than revenues.
RFM said in a disclosure to the stock exchange Monday net revenues in the second quarter of the year climbed 14 percent to P3.5 billion from P3.1 billion a year ago.
Cost and expenses increased 19.7 percent to P2.07 billion from P1.78 billion a year ago.
RFM reported a net income of 525 million in the first six months of 2018, up 3.3 percent from P508 million on year.
First-half revenues grew 12 percent to P6.3 billion from P5.7 billion on strong sales in most businesses, including ice cream, flour, pasta, milk and private label.
RFM said first-half revenues of the ice cream category rose 11 percent on year while institutional sales, including the bakery business, expanded eight percent.
Sales of RFM’s other flagship brands—Fiesta pasta, Royal pasta, White King mixes and Selecta Milk—also posted a strong 17 percent growth during the six-month period.