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Saturday, April 18, 2015

Splash's first-quarter profit up by nearly half

The listed manufacturer of Barrio Fiesta food products and Maxipeel and Skinwhite personal care items grew its net income by nearly half in the first quarter of this year.

In a disclosure to the Philippine Stock Exchange, Splash Corporation said it earned P49 million in the January to March period, a 46 percent increase from the P38 million in the same three months of last year.

This year's first-quarter profit already exceeded the P12 million that Splash earned for the entire 2014. Last year's earnings had fallen from the P73 million in 2013, when the company enjoyed P70 million in non-recurring gain from the sale of a non-core asset.

Without the non-recurring gain, core profit in 2014 was four times the amount earned in 2013.

Sales of P3.5 billion for the entire 2014 were flat from P3.4 billion the previous year. In the first quarter of this year, sales rose 15 percent to P957 million from last year's P832 million.

The 18 percent increase in the personal care segment was responsible for growth in the first quarter, offsetting the 10 percent slide in the food segment, which remains in investment mode.

- Interaksyon

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