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InterAksyon.com
The online news portal of TV5
MANILA, Philippines – The country’s leading manufacturer of milk products said its net income dropped by more than a third on higher costs of production and weak sales.
Alaska Milk Corp. told the local bourse that its earnings last year came in at P1.1 billion, or 39 percent lower than the 2010 record of P1.8 billion.
Net sales fell three percent to P11.8 billion in 2011 from P12.16 billion the year before, despite a 13 percent growth in the fourth quarter last year.
"Sales volume across the company’s line of milk products staged a strong recovery as various consumer and trade initiatives were carried out to drive consumption during a seasonally strong fourth quarter," the company said.
Cost of sales increased 12 percent to P8.471 billion on higher prices of skimmed milk powder, sugar and vegetable oil, thus compressing operating margins to 10.6 percent from 19.1 percent in 2010.
"Demand for dairy products remained strong, especially from regions that are already short of milk, such as China and South East Asia. Supply, however, is expected to be abundant through early 2012 as a result of a strong milk production season," Alaska said.
