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Figure 1. Trend of the Net Income (Loss) of SMSCCI since 2013.

The commercial operations of SMSCCIs joint venture with SCML started on April 2005. Since then,
SMSCCI has been a non-reportable segment of San Miguel Purefoods until 2012. In 2013, it has been
classified as reportable segment posing a net loss on its operations. SMSCCI, until present, barely
recovers from this and continues to incur additional losses.

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