San Miguel Food and Beverage Inc. said consolidated net income dropped five percent in the first six months of the year to P14.7 billion due to cost and pricing pressures from the food group.
SMFB in a statement said Wednesday first-half consolidated revenues rose 10 percent to P151 billion in the first six months of the year, driven mainly by healthy volume expansion across all businesses.
“Despite challenges impacting some of our businesses, we remain positive about the company’s overall growth prospects given our unique position to capture the opportunities directly linked to our fast-growing economy,” said SMFB president and chief executive Ramon Ang said.
SMFB said consolidated operating income also declined six percent to P21.6 billion.
The company’s poultry segment reeled from an industry-wide oversupply that began late last year. But with current prices showing signs of recovery, the group is confident it will get out of the slump sooner than expected.