San Miguel Food and Beverage Inc. said net income in the first quarter of the year rose one percent to P7.4 billion as the strong performance of beer unit was offset by weak results from the food manufacturing business.
SMFB said in a disclosure to the stock exchange consolidated revenues in the first quarter of the year increased 14 percent to P75.7 billion from a year ago.
Revenues rose on the back of strong volume demand across its businesses— beer growing by 18 percent, liquor and spirits by 24 percent and foods by four percent.
While top-line growth remains robust, SMFB said the chicken oversupply and higher raw material costs for some of the products in the food segment led to a decline in our margins.
“We are encouraged by the strong sales volume growth delivered by our businesses in the first quarter,” said SMFB president and chief executive Ramon Ang.
