San Miguel Pure Foods profit up 7% in Q1

MANILA, May 7 (PNA) — San Miguel Pure Foods Company Inc. (SMPFC) posted a seven-percent surge in profit in the first quarter of 2015 on the back of higher volumes and better selling prices.

Its net income reached Php911 million in January to March from Php851.40 million during the same period last year.

Operating income also increased by 10 percent to Php1.47 billion driven by the strong performance of the flour and feeds businesses.

Consolidated revenues for the first three months of the year reached Php25.1 billion, a four percent growth over the same period last year.

Its agro-industrial businesses posted a combined revenue growth of four percent on account of higher volumes and better selling prices, particularly in the feeds business.

Higher flour sales volume and additional revenue from the company’s new grain terminal resulted to a six-percent growth in revenue for the flour milling business.

Combined revenues for the branded, value-added businesses grew 11 percent, led by its core brands Purefoods, Magnolia, Star and Dari Crème.

The processed meats business booked a 13-percent revenue growth driven mainly by the hotdog category. (PNA)