San Miguel Pure Foods' 1H earnings up 6%

San Miguel Pure Foods Company, Inc. (SMPFC), the food manufacturing arm of San Miguel Corporation, grew its first half net income attributable to the equity holders of the parent company by 6 percent year-on-year to P1.8 billion on the back of higher sales volume and better prices.

In a disclosure to the Philippine Stock Exchange, SMPFC said its first semester operating income jumped by 31 percent year-on-year to P2.4 billion.

Consolidated revenues reached P47.1 billion, up 4 percent from the same period in 2012 due to improved performance, increased volumes and better selling prices.

Its feeds, poultry and meats, and flour businesses registered a 4 percent increase in revenues.

On the other hand, its Branded Value-Added businesses improved their revenues by 9 percent as all categories posted volume and revenue growth, driven by strong sales of SMPFC core brands such as Purefoods, Tender Juicy, Star, Magnolia and San Mig Coffee.

SMPFC said it is confident that the measures it has put in place in the first half of 2013 will help sustain the gains it has achieved for the rest of the year. — Danessa O. Rivera/KBK, GMA News