San Miguel Pure Foods Co. Inc. said its first semester earnings grew more than a quarter to P 3.1 billion, on the back of better than expected second quarterly results.
Consolidated revenues reached P56 billion, up five percent year on year on higher volumes and favorable selling prices for the branded value-added and agro-industrial businesses.
With lower costs on some major raw materials, a better sales mix, and improved operational efficiencies, operating income expanded 24 percent to P4.5 billion.
Revenues from the agro-Industrial business went up six percent to P39.5 billion on higher volumes and favorable selling prices for the poultry and fresh meats segments. The feeds segment, on the other hand, remained stable.
The milling business, on the other hand, pumped in P4.6 billion in revenues, down two percent owing to soft global wheat prices and intense industry competition.
Revenues from the branded value-added business increased four percent to P12.6 billion as a result of better sales mix, increased volumes from the processed meats segments in all sales channels, and continued market expansion.