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4-Traders Homepage  >  Equities  >  PHILIPPINE STOCK EXCHANGE, INC.  >  San Miguel Corp    SMC   PHY751061151

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San Miguel : Pure Foods nets 26% more in 9 months

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11/10/2017 | 08:36pm CET

MANILA, PhilippinesSan Miguel Pure Foods Co. Inc.

(SMPFC), the food subsidiary of diversified conglomerate San Miguel Corp., sustained its growth momentum in the first nine months.

Net income rose 26 percent to P4.7 billion on the back of a five percent rise in revenues to P84.5 billion. SMPFC said this was driven by the strong performance of its branded value added and agro-industrial businesses.

"Combined revenues of the feeds, poultry and meats businesses grew five percent to P59 billion due to better sales mix and favorable selling prices. Its chicken business was partly affected by the avian flu outbreak detected last August that dampened demand for chicken during the period but a campaign assuring the market that all its farms are avian flu-free and chicken products safe to eat, helped cushion the impact of the outbreak on its sales," SMPFC said.

Challenging market conditions continued to weigh on the milling business. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As a result, revenues declined three percent to P7.1 billion.

The business, however, remained profitable despite the margin squeeze. Revenue from the branded value-added business, meanwhile, remained strong, accelerating five percent to P19.7 billion, driven mainly by the strong performance of processed meats and spreads.

Continued marketing activities and new product launches also boosted the overall performance.

© Pakistan Press International, source Asianet-Pakistan

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Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 1
Average target price 120  PHP
Spread / Average Target 6,2%
EPS Revisions
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NameTitle
Eduardo M. Cojuangco Chairman & Chief Executive Officer
Ramon S. Ang Vice Chairman, President & Chief Operating Officer
Ferdinand K. Constantino CFO, Treasurer, Director & Senior Vice President
Iñigo U. Zobel Independent Director
Leo S. Alvez Director
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