San Miguel: Five-month income reported

Philippine food and beverage giant San Miguel Corp. (SMC) turned in a buoyant performance in May with consolidated revenues amounting to PHP 12.7 billion. This brings year-to-date sales to PHP 54.1 bi…

Philippine food and beverage giant San Miguel Corp. (SMC) turned in a buoyant performance in May with consolidated revenues amounting to PHP 12.7 billion. This brings year-to-date sales to PHP 54.1 billion, 28% higher than last year“s PHP 42.1 billion, Ramon Ang, San Miguel president and chief executive officer, said. May operating income increased 19% to PHP 1.22 billion and rose 18% in the first five months to PHP 4.8 billion. Ang noted that these gains largely resulted from the improving performance of Coca-Cola Bottlers Phils. Inc. (CCBPI) and contributions from domestic beer, the glass and metal segments of packaging, and feeds business of the food group. Ebitda (earnings before interest, taxes, depreciation, amortization) for the five-month period amounted to PHP 7.8 billion, 21% better than last year. SMC“s May consolidated net income, including contributions from newly acquired Pure Foods Inc. and CCBPI was up 9% to PHP 625 million from a year earlier. With SMC starting to overcome the dilutive effects of its acquisitions, Ang said net income for the first five months reached PHP 2.3 billion. Year-to-date net income excluding the acquisitions, was at PHP 3.2 billion, 18% better than last year.