RFM Corp. registered an attributable net income of P135 million in the first quarter, down 59.6% from P332 million last year, due to the company incurring higher expenses.
The company’s top line increased by 10.3% to P4.3 billion during the quarter from P3.9 billion reported the prior year.
In the three-month period, RFM’s gross profits went down by 15.7% to P1.13 billion from the P1.34 billion recorded the previous year. Its direct costs and expenses were higher by 23.4% at P 3.16 billion from P2.56 billion a year earlier.
The company’s selling and marketing expenses climbed by 8.26% to P747 million in the three months that ended March from P690 million. General expenses decreased by 27.9% to P172 million from P197 million the previous year.
RFM is mainly involved in two segments: its institutional business, which manufactures and processes wheat, flour and flour products; and its consumer segment, which manufactures and sells ice cream, pasta, milk, juices, and margarine.
The company is known for brands such as Selecta Moo, Sunkist Orange Pulp, Vitwater, Selecta Magnum, Selecta Cornetto, Selecta Paddle Pop, White King All-Purpose Flour, Fiesta Spaghetti, and Royal Spaghetti.
On Tuesday, its shares declined by 0.31% or a centavo, closing at P3.24 apiece. — Adrian H. Halili