MANILA, Philippines - San Miguel Pure Foods Company, Inc.'s net income slid 3% to P2.956 billion as of September from P3.055 billion last year as the increase in revenues was not enough to offset growth in the firm's expenses.
In a disclosure on Tuesday, the company reported its revenues went up by 8% to P69.354 billion from P64.286 billion, buoyed by higher sales volume in almost all its business segments.
Cost of sales, however, also increased by 3% to P12.054 billion from P11.747 billion due to higher costs of some major raw materials.
The firm also incurred higher selling and administrative expenses in the current period at P8.780 billion, up 17% from last year's P7.493 billion.
For the third quarter alone, San Miguel Pure Foods booked P1.228 billion in net income, 28% more than the P962.017 million it recorded in the same period last year.
Revenues grew 9% to P24.004 billion during the period from P21.976 billion last year, while cost of sales climbed by 6% to P19.362 billion from P18.253 billion.
Selling and administrative expenses also increased by 31% to P3.231 billion in July to September from P2.467 billion last year.