MAKATI CITY, PHILIPPINES — Citing “very stiff competition” in the marketplace, Liberty Flour Mills, Inc. posted net income of 4.6 million Philippine pisos ($88,826) in the first quarter ended March 31, down 75% from 18.13 million pisos in the same period a year ago.

Revenues in the most recent quarter totaled 169.1 million pisos, down from 167.9 million pisos in the same period a year ago.

“In terms of sales there was a decrease of 6% in the sales volume of flour bags sold in the first quarter of 2018, which resulted to a decrease in revenue by 3% from the previous year’s same period operations,” Liberty Flour Mills noted in a May 3 filing. “Cost of sales had increased by 10% compared to the same period last year due to increase in prices of imported wheat grains coupled with piso depreciation.”

Liberty Flour Mills manufacturers flour and flour-based products. The company’s flour products include El Superior and LFM Bakers, which are flour used for making bread; Pine Tree and LFM Soft Flour, which are used for the manufacture of biscuits and cookies; and Maya all-Purpose Flour. The company also manufactures millfeed, which is a flour byproduct used for animal feeds.

The company’s products mainly are sold through three distributors: Parity Values, Inc., Trade Demands, Inc., and Liberty Commodities Corporation. The products are then sold mainly to bakers, industrial end-users (i.e. pastry and cake shops) as well as supermarkets.