MANILA -- Diversified conglomerate San Miguel Corp. (SMC) began 2018 strong, posting a consolidated recurring net income of PHP19.4 billion, 31 percent higher than the same period last year, powered by the robust performance of all its businesses.
Revenues and operating income reached PHP234.3 billion and PHP32.7 billion, 20 percent and 19 percent higher than last year, respectively, SMC's management announced in a statement on Thursday.
San Miguel Brewery, Inc.’s consolidated volumes reached 65 million cases, 11 percent higher than last year. Strong volume growth was driven mainly by increased consumption nationwide, which was boosted by new marketing campaigns and the implementation of trade and consumer promos.
Consolidated revenues grew 18 percent to PHP29.8 billion.
Combined with contributions from its International operations, operating income rose 25 percent to PHP8.3 billion, while net income grew 26 percent to PHP5.7 billion.
Ginebra San Miguel, Inc. reported a 20-percent increase in sales volumes for the first three months.
Revenues rose 24 percent to PHP6.4 billion while operating income reached PHP478 million, 58 percent higher than the same period last year. Net income surged to PHP255 million, a 97-percent increase.
San Miguel Pure Foods Co., Inc., now officially named San Miguel Food and Beverage, Inc., was also off to a good start.
Consolidated revenues for the first quarter grew 12 percent to PHP29.8 billion, on the back of the continued strong growth momentum of the poultry and meats and value-added meats businesses.
Net income ended at PHP1.4 billion, 7 percent lower than last year, primarily due to foreign exchange losses caused by the peso depreciation against the US dollar along with mark-to-market losses from raw material imports.
Without the foreign exchange impact, net income for the period would have been at PHP1.5 billion.
San Miguel Yamamura Packaging Group’s total sales revenues rose 25 percent to PHP8.6 billion, on account of strong sales of glass, plastics, and flexibles and continuous growth in its Australia operations.
Operating income amounted to PHP793.6 million, 26 percent higher than 2017.
Petron Corp. posted a net income of PHP5.8 billion, 4 percent higher than last year’s PHP5.6 billion, on account of strong combined domestic sales volumes and improved operating efficiencies at both its Philippines and Malaysian operations.
Petron’s consolidated revenues reached PHP129.1 billion, up 21 percent from last year’s PHP106.4 billion. Operating income hit PHP8.8 billion over the period. (PR)
