San Miguel Pure Foods net income grows to P4.7 billion

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Metro Manila (CNN Philippines, November 10) — Food giant San Miguel Pure Foods Company Inc. (SMPFC) on Friday said its net income is up 26 percent in its first nine months from a year ago to P4.7 billion (US$92 million).

"With San Miguel Pure Foods' expansion projects progressing well, the company will be ready to produce more and introduce new products that will cater to the growing demand and changing preferences of our consumers," SMPFC vice chair Ramon S. Ang said in a statement.

Ang is president and Chief Operating Officer of San Miguel Corporation, of which SMPFC is a subsidiary.

Consolidated revenues rose by five percent in the same period to P84.5 billion, driven by the P19.7 billion brought in by branded value-added and agro-industrial businesses, it said.

Despite a lower demand for chicken during the avian flu outbreak in August, the company also saw a five percent increase to P59 billion in its feeds, poultry, and meat business revenues.

However, revenues in the milling business declined by three percent from the same period a year ago to P7.1 billion.

SMPFC is a diversified food player which provides a variety of food from animal feed to processed meat and snack food.