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.
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.