MANILA – San Miguel Corporation (SMC) posted a net income of PHP15 billion for the third quarter this year, a full turnaround from the PHP4-billion loss during the first half, following the easing of restrictions starting July.
“The country has proven its adaptability and resilience in these trying times, and we, in San Miguel Corporation, will continue to deliver on our commitment to help the country build back better and stronger as we emerge from this pandemic,” SMC president and chief operating officer Ramon Ang said in a statement Thursday.
Consolidated revenues and operating income of PHP531.1 billion and PHP41.5 billion for the period ending September, however, remained lower at 30 percent and 53 percent compared to the previous year, mainly due to the huge impact of the pandemic especially in the second quarter.
San Miguel Food and Beverage, Inc.’s September year-to-date SMFB’s consolidated net income ended at PHP14.4 billion, lower by 37 percent.
The operating income of San Miguel Brewery, Inc. (SMB) amounted to PHP14.8 billion, which is 47 percent lower than the previous year.
The net income of Ginebra San Miguel Inc. further grew by 67 percent to PHP2.2 billion.
San Miguel Foods registered a 4-percent drop in consolidated revenues to PHP96.7 billion in the first nine months primarily due to the prevailing weakness of poultry prices, the slowdown in food service and retail operations, and the continuing effects of the African swine fever on commercial feeds.
This was, however, cushioned by the solid performance of the Prepared and Packaged Food business, reflecting the resilience of its portfolio, effective operational execution in addressing changing consumer behavior, and channel dynamics.
Profit of SMC Global Power Holdings Corp. amounted to PHP14.5 billion, 27 percent higher than last year.
Petron Corporation saw its performance bouncing back in the third quarter, delivering consolidated net income of PHP1.63 billion, mainly due to stabilizing world crude prices and the government’s easing of the quarantine restrictions.
SMC Infrastructure’s consolidated revenues amounted to PHP10.3 billion while operating income stood at PHP2.1 billion.
Despite these, SMC Infrastructure continued to deliver on major commitments, completing the entire structure of the Skyway Stage 3 project, which now connects the South Luzon Expressway to the North Luzon Expressway.
Ang has set Skyway’s soft-opening for December, with toll fees waived for an entire month. (PR)
