Philippines conglomerate San Miguel Corp. said today (12 August) that profits from its food business more than doubled during the first half of 2010.
The company booked income from operations of PHP2.77bn (US$61m) from its food unit, up from PHP1.37bn a year ago.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Net sales, meanwhile, inched up 1% to PHP37.99bn after a “favourable performance” from San Miguel’s poultry, feeds, dairy and coffee operations, and “most of the group’s regional businesses”, the company said.
San Miguel’s consolidated income from operations rose by 40% to PHP12.1bn on the back of an 8% increase in group sales to PHP91.9bn.
The company’s net income fell 89% to PHP6.28bn as it lapped last year’s first half, which included one-off gains.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
