San Miguel Pure Foods, the Philippines-based business, has reported higher first-half sales and earnings.
The company, the food subsidiary of local conglomerate San Miguel Corp., booked a 37% jump in net income for the first six months of 2016 to PHP2.5bn (US$53.6m). Operating income reached PHP3.6bn, up 31% on the first half of 2015.
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Consolidated sales revenue amounted to PHP53.2bn, an increase of 5% year-on-year and driven mostly by election-related spending, San Miguel Pure Foods said. The Philippines held its presidential election in May.
San Miguel Pure Foods, which owns brands including Magnolia cheese and Purefoods meats, said its “branded value-added business” saw revenues rose 8% to PHP12.1bn. It pointed to higher volumes from dairy, spreads, processed meats and biscuits.
The company’s agro-industrial business consisting of feeds, poultry and Monterey fresh meats, posted an 8% rise in revenues to PHP37.1bn, benefitting from higher poultry volumes and favorable selling price of chicken and feeds.
However, San Miguel Pure Foods’ milling business was weighed down by prevailing lower wheat prices. The division is focusing on increasing sales of customised and specialty premixes, which provide more stable margins and limit the impact of wheat price movements to the milling business, the company said.
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