San Miguel Pure Foods 2012 income up 2%
MANILA, Philippines - San Miguel Pure Foods Co. (SMPFC) reported that its net income in 2012 increased by only 2% to P4.2 billion.
In a disclosure to the PSE on Wednesday, March 20, the company attributed the increase to robust sales, improved efficiencies and the expansion of its distribution network.
The company also registered a 7% jump in consolidated revenues to P95.8 billion in 2012.
Francisco S. Alejo III, the company's president, said that SMPFC overcame volatility in the prices of raw materials due to improved sales in the 2nd half of 2012.
"We are optimistic that the momentum we gained in the second half of 2012, will continue throughout 2013," he said.
The company's core brands, Tender Juicy, Purefoods, Star, Magnolia and San Mig Coffee, all registered volume growth. Its basic meat, poultry and flour businesses likewise turned in strong numbers.
Alejo added that strategic cost management efforts, the introduction of new products and marketing initiatives boosted the company's performance.
SMPFC is the largest Filipino-owned food company. Its portfolio of brands includes Magnolia, Purefoods, Monterey, Star, Dari Creme, B-Meg and Pure Blend. - Rappler.com