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.
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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.
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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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