San Miguel Corp's food subsidiary reported lower earnings in the first six months of the year despite registering higher volumes and selling prices.
In a disclosure to the Philippine Stock Exchange, San Miguel Pure Foods Co Inc. said it earned P1.7 billion in the January to June period, down 5.56 percent from the P1.8 billion reported in the same period last year.
Purefoods did not cite the reason for the lower net income since it has yet to submit its second quarter report to the PSE.
Operating income jumped 12 percent to P2.7 billion in the first half of the year from P2.4 billion a year ago on the strength of its poultry, meats, flour and dairy businesses, riding on better volumes, higher selling prices and improved efficiencies in hog-raising.
Consolidated revenues rose 4 percent to P49.2 billion in the six-month period from P47.08 billion in 2013.
Revenues from its feeds, poultry, meats and flour businesses climbed 7 percent on higher volumes due to strong retail outlet sales and increased demand for customized flour, premixes and specialty flours.
Meanwhile, its branded and higher value-added businesses expanded by 1 percent year-on-year in the first semester of 2014.
- Interaksyon
