SMC posts 1Q revenues

San Miguel Corp. (SMC) said on 11 May 2009 that it posted PHP 41.1 billion (USD 873 million) in consolidated revenues in the first quarter of 2009, up 8% from PHP 37.8 billion in 2008.
The company al…

San Miguel Corp. (SMC) said on 11 May 2009 that it posted PHP 41.1 billion (USD 873 million) in consolidated revenues in the first quarter of 2009, up 8% from PHP 37.8 billion in 2008. The company also announced that operating income increased 11% to PHP 4.29 billion in the first quarter from PHP 3.18 billion. “The first quarter was very challenging for us but we delivered good results which only proves that the group was geared up to face challenges head on,” said SMC president and chief operating officer Ramon S. Ang. Ang also said that SMC“s solid start in 2009 was pushed by good performance of its beer and liquor businesses, recovery of its packaging and food groups, as well as close financial management actions taken in 2008 across all the group. SMC“s net sales increased to PHP 12.4 billion for the first quarter of 2009, giving a 3% increase in operating income to PHP 3.9 billion and 8% in net income to PHP 2.66 billion. San Miguel Brewery Inc. expects better performance in the coming months with higher volume from the holiday season and festivities from the 2010 elections. Net income of Ginebra San Miguel Inc. saw net income go up 92% to PHP 249 million on consolidated revenues of PHP 4.56 billion, an increase of 35% from 2008. Ginebra operating income also rose by a considerable 108% to PHP 417 million. Strong performance registered by the liquor units resulted from improvements made in sales mix and select price increases that were set up to improve profitability. SMC“s food business continued to see growth in the first quarter of 2009 with sales revenues up 11% or PHP 18.4 billion. With strong demand from glass, plastic and PET businesses, the company“s packaging business was also strong, closing the period with an increase of 64% in operating income to PHP 567 million from revenues of PHP 5 billion.