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Purefoods profit up in Jan-June

MANILA, Philippines - San Miguel Pure Foods Company Inc. said net income rose to P3.1 billion in the first half, up 26 percent on strong second quarter performance.

Revenues increased five percent to P56 billion as volumes increased and selling prices of branded value added and agro-industrial businesses were favorable.

SMPF’s agro-industrial business is composed of feeds, poultry and Monterey Fresh Meats. Revenues from this segment rose six percent to P39.5 billion.

The Milling business, meanwhile, contributed P4.6 billion in revenues, two percent lower than last year because of the softness of global wheat prices.

For the branded value added business, revenues reached P12.6 billion or four percent higher than the previous year.

SMPFC’s businesses include animal feeds, fresh chicken and fresh meats, processed meats, dairy, spreads, oil, biscuits, coffee and jelly snacks.

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SMC president and COO Ramon Ang said: “With our expansion projects in full swing, we expect to be able to produce more product offerings to meet the increasing demand and varying needs of our consumers.”

In May, the company said it was pouring in P56 billion for its capital expenditures in the next three years.

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