San Miguel Pure Foods Company Inc., the food manufacturing unit of conglomerate San Miguel Corp., said Monday net income rose 37 percent in the first half to P2.5 billion from a year ago, driven by branded value-added and agro-industrial businesses.
Consolidated sales revenues increased 5 percent to P53.2 billion, while operating income went up by 31 percent to P3.6 billion.
The group’s agro-industrial business, which consists of feeds, poultry and Monterey fresh meats, posted combined revenues of P37.1 billion, up by 8 percent from the same period last year.
Branded value-added business posted an 8-percent growth to P12.1 billion on higher volumes from dairy, spreads, processed meats and biscuits, coupled with improved efficiencies and lower material prices.
Meanwhile, canned tuna maker Century Pacific Foods Inc. said first-half net income grew 46 percent to P1.36 billion, buoyed by robust demand for branded food products, subdued prices of key raw materials and increased contribution from higher margin segments.