San Miguel Pure Foods Company reports P872M net income for Q1

May 16, 2010 12:15 pm 

MANILA, May 16 — San Miguel Pure Foods Company Inc. (SMPFC), in its disclosure to the Philippine Stock Exchange, reported that its net income for the first three months of the year amounted to P872 million, up from last year's P143 million.

Total revenues for the first quarter of 2010 hit the P18.2 billion mark or two percent higher than 2009's P17.8 billion.

Income from operations was placed at P1.4 billion for the quarter in review up from P503 million in 2009.

SMPFC attributed this strong performance to improved operational efficiencies and effective cost management.

The food company earlier posted a revenue of P75 billion for 2009.

SMPFC president Francisco S. Alejo III said the company's poultry, feeds and flour businesses were the key drivers that delivered a robust performance for the entire company.

He added that this business also benefited from stable retail prices, softening raw material prices, improved efficiencies and effective cost managements.

Alejo also stressed that innovative programs made their businesses more competitive and able to reach a wide range of customers. (PNA)

LDV/PFN

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