MANILA, Philippines - Alaska Milk Manufacturing Corp. reported a 59 percent surge in first semester profit to P730.86 million owing to a strong rebound in consumer demand for milk products, alongside higher selling prices.
In a financial report submitted to the Philippine Stock Exchange, Alaska said net sales expanded 40 percent to P6.96 billion due to increased sales volume for its liquid canned milk products (evaporated milk and sweetened condensed milk).
Sales also got a boost from the newly-launched Alpine Sterilized Milk.
As a result, operating income jumped 71 percent to P876.7 million. Net interest income doubled to P41.5 million due to higher average cash balance.
Earnings per share amounted to P0.83, up 59.6 percent from P0.52.
Operating expenses likewise grew 29 percent to P1.28 billion owing to rising cost of key raw and packaging materials as well as higher advertising expenses and trade support to drive consumption. Higher trucking and handling charges also contributed to the increase in expenses.
The company’s non-dairy coffee creamer, Alaska Krem-Top, continued to make inroads in the market, largely driven by a growing consumer base.