SMPFC Registers 29% Net Income Growth in 9M 2016

Pasig—(PHStocks)—San Miguel Pure Foods Co. Inc. (SMPFC, PSE: PF) reported robust results for the first nine months of the year due to the strong performance of its Branded Value-Added businesses.

Improved efficiencies, lower raw material costs, and wider distribution also contributed to the notable growth.

Net income reached PhP3.8 billion, 29% higher than the same period last year. Consolidated revenues meanwhile amounted to PhP80.6 billion, a 5% increase.

Revenues from the Milling business declined 4% as a result of lower selling prices brought about by the prevailing downtrend in global wheat prices and intense competition.