May 07, 2013

Purefoods net income up 25% in Q1, cash dividends for preferred and common shares

San Miguel Pure Foods Company, Inc.’s consolidated revenues for the first three months of the year reached P23 B, a 3% increase over the same period last year, while net income surged 25% to P699 M. The Flour and Value-Added businesses, which carries SMPFC’s core brands Purefoods and Tender Juicy, along with Magnolia’s dairy, fats, oils and ice cream and San Mig Coffee, remained the major contributors to SMPFC’s bottomline.

Volume growth and breaks in raw material prices, particularly of wheat and dairy ingredients, were the main profit drivers. Its Agro- Industrial businesses posted a strong turnaround compared to its performance in the same period last year, when the high prices of corn and a shortage in cassava, brought about by typhoon Sendong in 2011, severely affected margins. Preferred shares: P20 per share, Common shares: P1.20 per share both payable on June 3, 2013 to shareholders on record as of May 23 (ex-date May 20). - WealthSec