SMC posts 29% growth in recurring net income

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Diversified conglomerate San Miguel Corp. (SMC) grew its recurring profit by 29% in the first six months of 2018, following higher volumes and favorable selling prices across its units.

In a statement issued Thursday, Aug. 9, SMC reported a recurring net income of P35.5 billion as of end-June, supported by a 27% jump in consolidated revenues to P499 billion.

The listed company said that including the impact of mark-to-market losses due to foreign exchange translation, net income would have stood at P27.6 billion, six percent higher year-on-year.

“Increased business focus and a lot of hard work were key to our group’s stellar performance. We’re encouraged by the results we’ve had so far, and are very hopeful that this momentum will carry through for the rest of the year,” SMC President and Chief Operating Officer Ramon S. Ang was quoted as saying in a statement.

SMC’s core interests are in food and beverage, power, fuel and oil, and infrastructure.

Shares in SMC fell by 70 centavos or 0.5% to close at P138.30 each at the stock exchange on Thursday. — Arra B. Francia