LOCAL food giant San Miguel Pure Foods Co. Inc. posted a 7-percent year-on-year growth in first quarter net profit to P911 million on the back of higher volumes and better selling prices.
In a press statement on Thursday, Pure Foods reported the strong performance of its core brands, supporting a 10-percent year-on-year growth in operating income for the first three months to P1.47 billion.
Consolidated revenues for the first three months of the year reached P25.1 billion, up by 4 percent over the same period last year.
Pure Foods noted the strong performance of the flour and feeds businesses. Overall, the agro-industrial businesses posted a combined revenue growth of 4 percent, attributed to higher volumes and better selling prices, particularly in the feeds business.
“While pork prices remained stable, a glut in poultry supply led to a slowdown for the poultry and meats business, the company said.
Higher flour sales volume and additional revenue from the company’s new grain terminal resulted in a 6-percent growth in revenue for the flour milling business, the company added.
Combined revenues for the branded and value-added businesses grew by 11 percent, led by core brands Purefoods, Magnolia, Star and Dari Crème. The processed meats business, in particular, booked a 13 percent revenue growth driven mainly by the hotdog category.