RFM earnings down by 3.5% to P355M

RFM Corp. reported an attributable net income of P355 million in the second quarter, a 3.5% decrease from the P368 million posted last year on higher input costs.

“[The group’s] net income… was mainly affected by the continuous increase in input costs,” the manufacturer of flour and flour-based products said in a disclosure on Thursday.

Meanwhile, its topline expanded by 17.5% to P4.57 billion from the previous year’s P3.89 billion.

“All segments contributed to the growth with the improvement in selling prices and some in combination with higher volume,” the company said.

Expenses jumped by 19.3% in the second quarter to P4.08 billion from P3.42 billion last year.

Year to date, RFM’s attributable net income slightly decreased by 0.15% to P687 million from the P688 million in the same period last year.

Its net revenues in the first half rose to P8.47 billion, a 17.19% increase from last year’s P7.22 billion.

For the first half, expenses grew by 19.9% to P7.53 billion from last year’s P6.28 billion.

RFM is engaged in manufacturing, processing and selling of wheat, flour products, pasta, milk, juices, margarine, and other food and beverage products.

At the stock market on Thursday, RFM shares were shaved off by P0.05 or 1.28% to P3.85 apiece. — Justine Irish D. Tabile

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