RFM Reports Net Income Growth

Philippines-based RFM Corporation has reported a net income of P320.8m ($7m) for the first five months of 2010, seven times the net income for the same period last year.

In 2009 the food and beverage company reported a net income of P365m ($7.8m), a 49% increase from 2008.

RFM said it aims to reach about P400m ($8.6m) by the first half of 2010 and surpass P700m ($15m) by the year end, which would be a 37% jump on the P365m it reported in 2009.

The company’s Selecta ice cream posted over 50% sales growth for the first half of the year, it said.