San Miguel Corp. subsidiary San Miguel Packaging Products (SMPP) of the Philippines posted consolidated sales of PHP 3.8 billion during the first quarter of 2001. This represents a 12% increase in sal…
San Miguel Corp. subsidiary San Miguel Packaging Products (SMPP) of the Philippines posted consolidated sales of PHP 3.8 billion during the first quarter of 2001. This represents a 12% increase in sales from a year ago. SMPP“s glass business has benefited the most from the company“s efforts in reducing fixed costs, with its operating income rising by 85% from 1999 to PHP 978 million last year. Its year 2000 volume and revenue from domestic glass were up 18% and 30% respectively, the company said in a press statement. Overseas, four of SMPP“s five overseas joint venture subsidiaries registered a turnaround, with total revenue of PHP 1.3 billion, 29% higher than 1999, and an operating income of PHP 164 million, compared to an operating loss of PHP 11 million in 1999.