San Miguel Pure Foods Co. Inc. said net income in the first nine months of the year increased seven percent to P2.9 billion on the back of stronger revenues in the feeds and branded value-added businesses.
San Miguel Pure Foods said in a disclosure to the stock exchange consolidated revenues grew three percent to P76.6 billion, while operating income rose four percent to P4.5 billion.
“The company’s performance from January to September was mainly driven by strong revenues in the feeds and branded value-added businesses, offsetting weaker sales in the poultry, meats and flour segments,” the company said.
The group’s agro-industrial businesses, consisting of feeds, poultry and Monterey meats, registered combined revenues of P 52.7 billion, up 3 percent year-on-year.
The growth came largely from the feeds business as revenues of the poultry and meats business were adversely affected by lower selling prices of chicken and pork due to industry oversupply in the first half of the year.