By Leslie D. Venzon
MANILA, Aug. 6 (PNA) — Net income of San Miguel Pure Foods Company Inc. rose to Php 1.8 billion in the first half of this year, up five percent from the Php 1.7 billion during the same period last year, driven mainly by growth in its feeds, processed meats and dairy and spreads businesses.
San Miguel Pure Foods, in a disclosure to the Philippine Stocks Exchange (PSE), said consolidated revenues reached Php50.5 billion, up three percent from last year.
The agro-industrial and flour businesses posted a two-percent growth in revenues, driven by higher volumes.
The branded value-added businesses likewise grew 11 percent from the same period last year, driven by the strong performance of brands such as Purefoods, Tender Juicy, Star, as well as new offerings Purefoods Sexy Chix, Purefoods Ready-to-Eat Fried Chicken, Purefoods Chicken Nuggets and Magnolia Ice Cream Best of the Philippines line.
Food service also reported strong sales across its channels, namely convenience stores, restaurants and bakeshops.
The poultry and fresh meats segments declined due to a glut and lower demand caused by the extreme summer weather.
The company expects improvement in the poultry and meats segments in the second half, as oversupply and climate conditions are expected to ease. (PNA)