Filtraglass
Falorni Tech Glass Melting Technology

San Miguel: February net surges

Philippine food and beverage giant San Miguel Corp. said its net income in February surged 33% year-on-year on the back of higher revenues and organizational restructuring.
In a statement, the compan…

Philippine food and beverage giant San Miguel Corp. said its net income in February surged 33% year-on-year on the back of higher revenues and organizational restructuring. In a statement, the company said its net income jumped to Pso 559 million in February from 421 million in the same month last year. “This increase would have been larger were it not for the lower share in earnings of SMC from Coca-Cola Amatil,” it said. San Miguel holds a 21.5% stake in softdrinks maker Coca-Cola Amatil. San Miguel earlier said it expected savings of over Pso 500 million annually from the integration of staff offices. The company also relocated its regional office for international beer operations from Hong Kong to Manila early last year. The company said net sales leapt 36% to Pso 7.19 billion in February from 5.28 billion in February 1999. “Double-digit gains in February sales were achieved in virtually all of SMC“s core businesses,” it said. The total revenue of its food group in February was up 7% year-on-year while the beverage group increased 45%. The company did not provide cumulative figures for the first two months of operations. Shares of San Miguel B, open to foreign investors, were up 1.05% at Pso 48 recently, following news that it was eyeing a stake in fruit and vegetable producer Dole Food Co.

Sign up for free to the glassOnline.com daily newsletter

Subscribe now to our daily newsletter for full coverage of everything you need to know about the world glass industry!

We don't send spam! Read our Privacy Policy for more information.

Share this article
Related news