SAN MIGUEL Corp. (SMC) has reported higher profits in the January to September period.
he company grew its consolidated net income by 7% to P26.8 billion in the first nine months of the year from P25 billion in the comparable 2014 period, according to a recent presentation to investors on its Web site.
SMC’s financial results did not include the effect of forex losses, which had weighed on the food and beverage giant’s earnings in the first six months of the year. The company incurred forex losses amounting to P1.1 billion during that period, a turnaround from the gains recorded in the prior year.
The company has yet to submit its financial statement to regulators.
Net sales dropped 15% year-on-year to P504.5 billion at end-September from P593.5 billion, which SMC attributed to falling oil prices and a decline in generation volumes on the back of the scheduled maintenance shutdown of the Malampaya facilities as well as the Ilijan and Sual power plants.
San Miguel Brewery, Inc.’s net profit grew 6% to P9.97 billion. Consolidated revenues rose 4% to P58.8 billion on strong domestic beer sales.
San Miguel Pure Foods Co., Inc.’s net income climbed 7% to P2.92 billion with consolidated revenues rising 3% due to the solid performance of its branded value-added, feeds, and flour businesses.
Ginebra San Miguel, Inc. posted a net profit of P9 million, a turnaround of the net loss of P281 million recorded the previous year, backed by an 8% rise in consolidated revenues to P11.5 billion.
The growth in its glass business and strong contributions from its Australian operations also boosted San Miguel Yamamura Packaging Group’s revenues by 5% to P18.2 billion.
SMC Global Power Holdings Corp., its holding firm for energy ventures, registered a 10% drop in revenues to P58.997 billion from P65.52 billion. Petron Corp., the country’s largest refiner and retailer, netted P5.1 billion, 58% higher than last year’s P3.2 billion. Revenues fell 27% to P278.3 billion due to declining oil prices.
Consolidated operating income jumped 23% to P58.1 billion in the first nine months on higher revenues from its infrastructure unit and core food, beverage and packaging businesses.
San Miguel Holdings Corp., the holding firm for the group’s investments in infrastructure, recorded a 17% rise in net sales to P10.95 billion from P9.36 billion following the consolidation of the Skyway 1 and 2, and the South Luzon Expressway in March.