San Miguel PureFoods nets P1.7-B profit in H1

ABS-CBN News

Posted at Aug 08 2014 04:31 PM | Updated as of Aug 09 2014 12:31 AM

MANILA, Philippines - San Miguel Purefoods' net income fell slightly to P1.7 billion in the first six months of 2014, from P1.8 million a year ago.

In a statement, San Miguel Purefoods said its consolidated revenues rose 4 percent to P49.2 billion, driven by its agro, milling and dairy businesses.

Operating income went up by 12 percent to P2.7 billion, on the back of the strong performance of its poultry and meats, flour and dairy businesses. The business benefited from higher volumes and selling prices, as well as efficiency in hog-raising.

San Miguel Purefoods also reported its agro and milling business, which include feeds, poultry, meats and flour, posted 7 percent increase in combined revenues to P38.7 billion. This was attributed to strong retail outlet sales and higher demand for flour.

On the other hand, revenues of the branded value-added businesses were flat at P10.2 billion, 1 percent higher year-on-year.