SAN MIGUEL Corp. (SMC) on Monday reported a nine-month net income of P31.2 billion, boosted by higher earnings from subsidiaries.
In a press release, the company said it recorded consolidated revenues of P1.1 trillion, a 5% decline from the corresponding period last year, mainly due to lower selling prices from its oil company Petron Corp. and lower sales volume of San Miguel Foods.
However, higher sales from its other businesses managed to temper the decline, the listed conglomerate said.
The company recorded a consolidated operating income of P110.2 billion, 29% higher a year ago, thanks to strong performance across all its business segments.
“SMC’s resilient performance in the face of economic challenges is very encouraging,” SMC President and Chief Executive Officer Ramon S. Ang said in a statement.
For the second quarter, SMC saw its net loss widen to P8.08 billion from P7.68 billion a year ago; while it recorded a gross revenue of P338.50 billion, down by 14.2% from the P394.65 billion.
San Miguel Food and Beverage, Inc. reported a 6% climb in consolidated revenues to P276.7 billion for the first nine months, which it attributed to “improved selling prices across its beer, spirits, and food divisions.”
San Miguel Brewery recorded a nine-month bottom line of P108.3 billion, which it said is 9% higher year-on-year, while Ginebra San Miguel saw its revenues go up by 13% to P38.9 billion.
Further, San Miguel Global Power Holdings Corp. — SMC’s power arm, recorded a P9.1 billion consolidated net income, reversing a P2.6 billion loss last year due to lower coal prices and overall power purchases.
Its oil company, Petron, however recorded lower revenues for the first nine months at P587.3 billion, SMC said.
Meanwhile, SMC’s infrastructure unit recorded higher consolidated revenues at P25.1 billion, while its cement businesses, which are Eagle Cement Corp., Northern Cement Corp., and Southern Concrete Industries, Inc., recorded combined revenues of P28.9 billion.
At the local bourse on Monday, shares in the company climbed by 10 centavos or 0.10% to end at P103 each. — Ashley Erika O. Jose
