Metro Manila (CNN Philippines, May 10) — Food giant San Miguel Pure Foods Corporation (SMPFC) reported a net income of P 1.5 billion for the first quarter of 2017 — a 20 percent increase from last year.
“We’re off to a strong start and we’re pleased with our first quarter results. This sets our pace for the rest of the year and adds to our overall momentum as we pursue our expansion plans,” said SMPFC vice chairman Ramon Ang.
The consolidated revenues of the company reached P 26.7 billion, after the poultry, fresh meats, and value-added meats benefitted from good selling prices.
The food conglomerate’s operating income also grew from P 1.8 billion to P 2.1 billion as a result of better operational efficiencies and lower costs of some major raw materials.
The food service business continued to benefit from the growing trend of out-of-home consumption and an increase in the number of convenience stores
