Food and beverage firm RFM Corporation reported that its earnings were flat at P688 million for the first half of the year due to lower profits in the second quarter of 2022.
In a disclosure to the Philippine Stock Exchange, RFM said its net income dipped 4 percent in the second quarter of the year to P354 million from the P368 million registered in the same period of 2021 as margins were mainly affected by the continuous increase in input costs.
It posted net revenues of P8.5 billion for the first half of 2022 equivalent to a 17 percent growth over the P7.2 billion for the same period last year.
Revenues for the second quarter alone rose 17.5 percent to P4.57 billion this year from P2.89 billion in 2021.
All segments contributed to the growth with the improvement in selling prices and some in combination with higher volume.