By Leslie D. Venzon
MANILA, Feb. 5 (PNA) — Net income of food and beverage company RFM Corp. reached Php 863 million in 2014, a 10-percent increase from Php 784.54 million the previous year.
RFM President and chief executive officer Jose A. Concepcion III attributed the higher profit to growth of sales revenues, which reached Php 11.1 billion in 2014.
He cited sales from Fiesta and Royal pasta operations, which accelerated especially in the last two months of the year.
Concepcion said logistics issues improved in time for the peak during the Christmas holidays, partially offsetting the impact of an unusual weather disturbance in December.
Concepcion, however, reiterated that the sales and income performance would have been better if not for the Manila port congestion which, while being reduced, still affected the timeliness of deliveries and the cost of raw materials and products.
Operational costs also temporarily increased due to additional warehouses and higher trucking rates brought about by shortage in providers.
“Efforts will be focused on how we can further improve cost efficiencies but we hope the authorities immediately address the external supply chain constraints to bring back a better operating environment for the business sector,” he said. (PNA)