SMC posts P52.4-B recurring net profit in first 9 months

Published November 13, 2018, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Diversified conglomerate San Miguel Corporation reported a 20 percent growth in consolidated recurring net income to P52.4 billion in the first nine months of the year.

In a statement, SMC said recurring gains excludes the effects of unrealized foreign exchange translation. However, the firm did not disclose its consolidated net income which includes its forex losses due to the weak peso.

A logo of San Miguel Corporation (SMC) is seen at a main office in Ortigas city. (REUTERS/Romeo Ranoco / MANILA BULLETIN)
A logo of San Miguel Corporation (SMC) is seen at the main office in Ortigas city. (REUTERS/Romeo Ranoco / MANILA BULLETIN)

SMC said it reported sustained growth momentum throughout the first nine months of the year with all its major businesses—food and beverage, packaging, fuels and petrochemicals, power generation, and infrastructure—posting strong sales performance.

Consolidated revenues reached P761.2 billion, up 28 percent from the same period last year, driven by robust volumes and favorable selling prices.

Consolidated operating income increased 18 percent to P98 billion, while consolidated EBITDA rose 15 percent to P124.8 billion.

San Miguel Food and Beverage, Inc., comprised of San Miguel Brewery, Ginebra San Miguel, and the San Miguel Food Group, sustained strong growth on the back of higher volumes across all three segments.

Consolidated revenues of P206.6 billion were 15 percent better than the P180.4 billion registered in 2017. Operating income and net income both grew 17 percent to P34 billion and P22.9 billion, respectively.

SMC Global Power Holdings Corporation posted consolidated off-take volume of 17,670 gwh, up 38 percent from the previous year. Consolidated revenues reached P89.1 billion, up 43 percent from the P62.1 billion posted in 2017 while operating income rose 31 percent to P25.8 billion.

Petron Corporation’s consolidated net income rose 3 percent to P12.1 billion in the first nine months from P11.8 billion a year ago despite an industry-wide decline in demand due to high pump prices.

San Miguel’s infrastructure business posted a 10 percent growth in consolidated revenues and operating income at P18.1 billion and P8.9 billion, respectively due to higher volume along its operating toll roads.(JAL)