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Philippines: Purefoods posts 37% rise in profit in H1
Philippines: Purefoods posts 37% rise in profit in H1
Wednesday, 10 August 2016 – San Miguel Pure Foods Co. Inc. (SMPFC), the listed food subsidiary of diversified conglomerate San Miguel Corp., reported a net income of P2.5 billion in the first half, up 37 percent from the previous year on the back of election-related spending.
Consoldiated sales revenue went up five percent to P53.2 billion while operating income rise 31 percent to P3.6 billion.
“The agro-industrial business consisting of feeds, poultry and Monterey fresh meats, posted combined revenues of P37.1 billion, eight percent higher over the same period last year, benefitting from higher poultry volumes and favorable selling price of chicken and feeds,” SMPFC said.
The branded value-added business registered P12.1 billion in revenues or an increase of eight percent year on year as volumes from dairy, spreads, processed meats and biscuits grew. Read More?