Philippine meat processing firm posts jump in profits

Philippine processed meat manufacturer Foodsphere, Inc. rose by almost three-quarters last year on the back of higher sales, its audited financial statement showed.

According to data shown by the Securities and Exchange Commission, the company reported PHP51.61 million in net income last year, up from PHP29.89 million in 2007.

Meanwhile, revenues for the 2008 reached PHP3.12 billion, an increase of a little over a quarter.

Listed firms with processed meat operations also reported higher sales last year despite higher commodity prices eroding margins and dampening consumer spending.

RFM Corp.'s income grew by 6.8 percent for the nine months of 2008, at PHP158.9 million. The firm attributed the increase to strong sales of flour, beverage, and meat products.

San Miguel Pure Foods Co.'s consolidated revenues for the same period hit PHP51.26 billion, up from 2007's PHP43.57 billion.

The three firms are members of the 29-member group Philippine Meat Processors Association, Inc., whose production accounts for 85 percent of the local meat processing industry.

The Valenzuela-based Foodsphere, founded June 23, 1981, manufactures and sells processed food products under the CDO brand.

US$1 = PHP48.33 (Apr 1)