Food manufacturing giant San Miguel Pure Foods Corp. grew its net profit in the first nine months by 29 percent year-on-year to P3.8 billion on higher earnings from its branded consumer businesses.
Purefoods’ consolidated revenues rose by 5 percent year-on-year to P80.6 billion in the January to September period, the subsidiary of conglomerate San Miguel Corp. disclosed to the Philippine Stock Exchange on Tuesday.
Improved efficiencies, lower raw material costs and wider distribution also contributed to the notable growth, the disclosure said.
On the other hand, Purefoods reported that revenues from the milling business declined by 4 percent as a result of lower selling prices brought about by the prevailing downtrend in global wheat prices and intense competition.
Among the brands in Purefoods’ portfolio include “Magnolia” for chicken, ice cream and dairy products, “Monterey” for fresh and marinated meats, “Purefoods” for refrigerated processed meats and canned meats, “Star and Dari Crème” for margarine, “San Mig Coffee” for coffee, “B-Meg” for animal feeds and “La Pacita” for biscuit and flour-based snacks.