San Miguel Corp., the Philippines-based brewer-to-oil refiner, has said that its food interests saw mixed fortunes in the first nine months of the year.
San Miguel Pure Foods, the group’s food business, booked an 18% rise in income from operations, climbing to PHP4.33bn (US$96.46m). Sales grew 4% to PHP74.42bn.
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Gains were driven by the unit’s agro and milling business, where sales were up 7% and operating income increased 28%. Branded consumer food sales were under more pressure in the period, with revenue edging up 2% and operating income declining 6%.
On a group-wide basis, San Miguel booked a 75% increase in total net profit, which increased to PHP13.2bn. Net sales were up 10% to PHP598.7bn.
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