For the first 10 months of 2000, San Miguel Corporation (SMC) has reported net earnings of 5.4 billion pesos, 20% higher than the 4.5 billion pesos reported in the same period in 1999. Net sales reven…
For the first 10 months of 2000, San Miguel Corporation (SMC) has reported net earnings of 5.4 billion pesos, 20% higher than the 4.5 billion pesos reported in the same period in 1999. Net sales revenue from January to October increased by 10 billion pesos to 70.9 billion pesos while operating income amounted to 5.8 billion pesos, 13% up on the previous year. All the company“s businesses showed strong growth during the period. The packaging unit reported 64% growth in net income, with higher volumes of glass (21%) and plastics (30%). Both glass and plastics account for 53% of the company“s total packaging revenues. SMC also announced recently that it had appointed Ferdinand Constantino as chief finance officer and treasurer, effective from 1 January 2001. The firm said in a statement that SMC vice chairman Ramon Ang, who served concurrently as CFO and treasurer, had recommended Constantino. Constantino has worked with SMC for 26 years, starting as assistant economist in 1974. He currently holds the position of chief finance officer of the beer business, both domestic and international.