San Miguel Purefoods net income up 16 percent in 2017

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Metro Manila (CNN Philippines, March 14) —  San Miguel Purefoods Company Inc. (SMPFC) delivered strong results for the whole of 2017.

In a statement Wednesday, San Miguel Corporation's food unit reported a consolidated net income of P6.9 billion -- 16 percent higher than the previous year.

The growth was driven mainly by SMPFC's poultry, fresh meats, and branded value-added businesses.

Aside from posting a higher consolidated net income, the company's consolidated operating income also climbed by 11 percent to P9.9 billion, while consolidated revenues had a 5 percent growth at P117 billion.

Combined revenues from feeds, poultry, and fresh meats, meanwhile, grew six percent.

Revenues for SMPFC's milling business declined by three percent due to slower global wheat prices. However, the company noted it "remained profitable" despite this.

The company's branded value-added businesses also grew 6 percent with the help of new products, brand-building activities, and stronger performance of processed meats.

SMC President Ramon Ang said the company aims to further develop product offerings and strengthen its market leadership.

"We're very much encouraged by the positive response that our new products have received from consumers," Ang said.

"Apart from that, we will continue to execute on our capacity expansion program in order for us to meet our long-term growth targets and continuously provide for the growing and evolving needs of our customers," he added.