SMPFCI posts P2.7 billion net income for 2009
March 14, 2010 11:58 am
MANILA, March 14 — San Miguel Pure Foods Company Inc. (SMPFCI), in a disclosure to the Philippine Stock Exchange, reported a 17-fold increase in net income from P149 million in 2008 to P2.7 billion last year.
The company, the food subsidiary of diversifying conglomerate San Miguel Corporation (SMC), cited improved efficiencies, lower raw material costs, better hedging positions and effective cost management as major factors for its positive results.
Despite the damages brought by super typhoons Ondoy and Pepeng during the second half of the year, SMPFC delivered a strong performance.
Revenues reached an all-time high of P75 billion, six percent higher than in 2008, while income from operations grew to P4.6 billion, up 152 percent from P1.8 billion of the previous year.
The company’s businesses, namely poultry, feeds and flour were the key profit drivers, having benefited from stable pricing, softening raw material prices, improved efficiencies and effective management of costs.
The dairy and piggery businesses also posted significant improvements in their profitability.
Meanwhile, in a special stockholders’ meeting, shareholders gave SMPFC management the go signal to de-classify SMPFC’s common shares and increase the company’s authorized capital stock by P1 billion in anticipation of future growth prospects.
They also ratified the issuance of common shares to SMC and waived the conduct of rights or public offering for the shares in compliance with a (PSE) ruling.
The company also declared an 18 percent stock dividend based on the issued and outstanding shares to be taken out of the increase in capital stock. (PNA)
LDV/PFN
Comments