San Miguel Purefoods registers 5-percent drop in first half income

San Miguel Pure Foods Company Inc., the food manufacturing arm of San Miguel Corp., saw a five-percent drop in its January to June net income despite higher sales.

 

Net income reached P1.7 billion compared with the P1.8 billion booked a year earlier, the company said in an e-mailed statement Friday. 

 

The company did not cite the reason for the net income result.

 

Operating income grew 12 percent to P2.7 billion due to higher volume and better prices in the poultry and meats, flour and dairy businesses.   

 

Consolidated revenues went up by 4 percent to P49.2 billion driven primarily by its agro, milling and dairy businesses.

 

The agro, milling and dairy businesses registered a 7 percent jump in combined revenues to P38.7 billion, attributed to the strong retail outlet sales for poultry and meats and increased demand flour products. 

 

The branded value-added businesses generated combined revenue was steady at P10.2 billion.