MANILA, Philippines - San Miguel Pure Foods Company reported its attributable net income jumped 24 percent to P870 million in the first quarter, driven by better selling prices and higher volumes.
SMPFC, San Miguel Corp.'s food subsidiary, said it posted a 5 percent increase in consolidated revenues to P24.2 billion for the January to March period.
The company said it is confident it can sustain the strong growth momentum for the rest of the year.
SMPFC said revenues from its commodity business went up 9 percent in the first quarter, due to higher volume and better selling prices.
The brand value-added businesses, which include Purefoods, Tender Juicy, Magnolia and San Mig Coffee, posted a 4 percent increase in revenues in the January to March period. This was driven by the double-digit growth in sales from the Magnolia Dairy, Fats and Oils and Coffee segments.
SMPFC said its international business in Indonesia was recovering with the introduction of new products, but did not give details.