San Miguel Food reports 2% higher Q1 profit

San Miguel Food and Beverage Inc. (SMFB) reported a 2% increase in first-quarter net income, driven mainly by its food and spirits businesses despite uncertainties in its operating environment during the period.

Net income rose to P11.8 billion, while income from operations increased 3% to P15.7 billion. Revenues grew 4% to P103.2 billion, with the food business up 7% to P49.6 billion and the spirits business posting P36.8 billion.

“We cannot control how global conditions will evolve, but we can control how prepared we are,” SMFB Chairman Ramon S. Ang said in a regulatory filing.

“We will stay disciplined, manage our costs carefully, and continue investing across our supply chain to help ensure a stable and reliable food supply, especially in this environment,” he added.

SMFB counts among its subsidiaries San Miguel Brewery Inc., Ginebra San Miguel Inc., San Miguel Foods Inc., San Miguel Mills Inc., The Purefoods-Hormel Company Inc., Magnolia Inc., San Miguel Foods International Limited, and San Miguel Super Coffeemix Co. Inc.

Shares of the company closed Wednesday, May 6, at P52.10 apiece, unchanged from Tuesday’s close.—MCG, GMA News