San Miguel Pure Foods, the Philippines-based business, has reported a jump in profits in the first nine months of the year, helped by higher sales but boosted by a decline in input costs.
The company’s net income reached PHP3.8bn (US$78.2m), 29% higher than the same period last year.
San Miguel Pure Foods, which owns brands including Magnolia cheese and Purefoods meats, said its “robust results” had come from a “strong performance” of its “branded, value-added businesses”.
The group’s profits were helped by improved efficiency, lower raw material costs and wider distribution.
Consolidated revenues grew 5% to PHP80.6bn. Revenues from the company’s milling business declined 4% as a result of lower selling prices amid what it called “the prevailing downtrend” in global wheat prices and intense competition.
San Miguel Pure Foods, the food arm of Philippines conglomerate of San Miguel Corp., has other brands including Monterey marinated meats, Star margarine and La Pacita biscuits.
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