• San Miguel Pure Foods nets P1.8B in 1H

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    For the first half of the year, San Miguel Pure Foods Company Inc. (SMPFC) registered a net income attributable to equity holders of the parent company amounting to Pl.8 billion, which is 6 percent higher year-on-year.

    Also, the consolidated revenues of the food business of the listed conglomerate San Miguel Corp. (SMC) reached P47.1 billion, up 4 percent from the same period in 2012.

    In the explanation provided in the firm’s disclosure to the Philippine Stock Exchange, SMPFC said that its revenues rose because of increased volumes and better selling prices.

    The company also grew its first semester operating income to P2.4 billion, 31 percent higher than the previous year’s level.

    SMPFC’s combined revenues for its feeds, poultry and meats, and flour businesses, on the other hand, was 4 percent higher compared to the same period last year.

    “Revenues from the feeds business grew as the game fowl and aquatic segments posted double-digit growth. The poultry and meats business, on the other hand, generated better margins and grew revenues by 5 percent. At the same time, revenues for the flour business increased 1 percent,” the company further said in the disclosure.

    The branded value-added businesses of the food firm, meanwhile, registered a 9-percent improvement in combined revenues over the same period in 2012.

    “All categories posted volume and revenue growth, driven by strong sales of SMPFC core brands such as Purefoods, Tender Juicy, Star, Magnolia and San Mig Coffee,” SMPFC said.

    “The company also continued to improve its business structure to further accelerate growth in the branded value-added segment. This integration is seen to harness synergies, provide strategic focus, improve operational efficiencies and deliver better results,” it added.

    Moreover, SMPFC said it has initiated measures to mitigate the impact of currency movements to its costs.

    The company said that it is confident that the measures it has put in place in the first half of 2013 will help sustain gains for the rest of the year.

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