CENTURY Pacific Food Inc. (CNPF) reported on Wednesday that net income for the first quarter had expanded by 15 percent to P1.7 billion amid a strong topline improvement.

Consolidated revenues surged by 16 percent to P18.2 billion, with the majority of the sales coming from the branded business that grew 10 percent despite inflationary pressures.

"We are grateful to be able to deliver volume-led, double-digit growth, considering an operating landscape marked by consumer headwinds and soft markets," said Chad Manapat, CNPF chief financial officer.

"The all-weather business model and diversified portfolio of Century played a significant role in enabling us to deliver decent results for the period," he added.

"Meanwhile, the OEM (original equipment manufacturer) exports business, which was challenged last year, is in recovery mode, given tailwinds in commodities."

The food and beverage firm said the OEM tuna and coconut exports business posted a 49-percent year-on-year growth in sales, following reduced commodity prices and stronger demand.

"We are thankful for the first quarter's healthy momentum, which we expect to normalize and align with our full-year outlook as we move forward," Manapat said, noting that high inflation could weaken consumer sentiment moving forward.

"Thus, we continue to operate with cautious optimism, aiming to grow the business sustainably in the low double-digit territory as we remain resolute in our mission of providing affordable nutrition to Filipino consumers."

On Wednesday, CNPF shares declined by 80 centavos, or 2.14 percent, to P36.55 each.

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