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San Miguel first-quarter earnings higher

San Miguel Corp. (SMC) has registered strong results in the first quarter of the year. Robust growth from SMC“s food and international operations boosted SMC“s first quarter consolidated net sales t…

San Miguel Corp. (SMC) has registered strong results in the first quarter of the year. Robust growth from SMC“s food and international operations boosted SMC“s first quarter consolidated net sales to Pso 24.1 billion (US$ 478.6 million), up 21% from the Pso 19.9 billion a year earlier. Consolidated net income increased 8% to Pso 1.67 billion from PHP 1.54 billion last year despite higher net financing charges of Pso 951 million against Pso 395 million in 2000. Operating income rose by 31% to Pso 2.38 billion from Pso 1.81 billion as a result of continued improvements in distribution, productivity enhancements, and sustained efforts to control costs. Accounting for the increased finance charges were higher loan interest rates and comparatively lower levels of dollar placements than the year before due to SMC“s purchases of J. Boag & Son and Sugarland Beverage Corporation. The J. Boag and Sugarland acquisitions have both contributed significantly to SMC“s strong results. Focused efforts to further improve plant efficiencies and processes cushioned higher raw material and fuel costs, resulting in improved operating margins.

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