THE food unit of conglomerate San Miguel Corp. said on Friday that net income in the first nine months of the year rose 26 percent to P4.7 billion, driven by the strong performance of its branded value-added and agro-industrial businesses
In a disclosure to the Philippine Stock Exchange (PSE), San Miguel Pure Foods Co. said its consolidated revenues rose 5 percent from a year ago to hit P84.5 billion.
It said the feeds, poultry, and meats businesses recorded combined revenues of P59 billion, up 5 percent from a year ago, due to a better sales mix and favorable selling prices.
“[The] chicken business was partly affected by the avian flu outbreak detected last August that dampened demand for chicken during the period. However, its campaign “Mag-siguro, Magnolia” assuring the market that all its farms are avian flu-free and chicken products safe to eat, helped cushion the impact of the outbreak on its sales,” it added.
Pure Foods’ branded added-value business revenues inched up 5 percent to P19.7 billion on the robust performance of its processed meats and spreads businesses.
“Growth was driven by the core brands and an expansion in mid-priced segments. Continued marketing activities and new product launches also boosted the business’ overall performance,” Pure Foods said.
“The company will be ready to produce more and introduce new products that will cater to the growing demand and changing preferences of our consumers,” Ramon Ang, owner of San Miguel and concurrently Pure Foods’ vice chairman, said.
Pure Foods is expected to switch its name to San Miguel Food and Beverage, Inc. following the parent’s plan to consolidate its alcohol businesses with the former.