Purefoods books 29% profit growth in Jan-Sept period

MANILA, Philippines – Diversified food company San Miguel Pure Foods Co. Inc. ended the first nine months of the year with a net income of P3.8 billion, up 29 percent on the strong performance of its branded value-added businesses.

Improved efficiencies, lower raw material costs and wider distribution also contributed to the growth, SMPFC said.

Consolidated revenues rose five percent to P80.6 billion during the period.

Revenues from SMPFC’s milling business, however, declined by four percent due to lower selling prices brought about by the prevailing downtrend in global wheat prices and intense competition.

Last year, SMPFC reported a net income of P4.8 billion, 24 percent higher than the previous year.

The company is upbeat about its prospects this year due to improved consumer spending.

SMPFC is primarily engaged in the business of manufacturing and marketing of processed meat products.

It later on diversified into poultry and livestock, feeds and flour milling, dairy and coffee operations and franchising and young animal ration manufacturing and distribution.