March 20, 2013

Purefoods Net Income Up by 2%

in a PSE disclosure, San Miguel Pure Foods Company Inc. (SMPFC) said that consolidated revenues grew 7% TOT to P95.8 billion in 2012.

However, due to volatile prices in raw materials, the company's net income posted a mere 2% growth to P4.2 billion.

The company began construction on a P3 billion terminal in Mabini, Batangas that is expected to reduce freight and handling costs of raw materials.

The facility will start operations this year.

"We are optimistic that the momentum we gained in the second half of 2012 will continue throughout 2013," Francisco S. Alejo III, San Miguel Pure Foods president, said in the statement.