By James A. Loyola Diversified conglomerate San Miguel Corporation (SMC) started 2018 strong, reported a 31 percent jump in consolidated recurring net income to P19.4 billion in the first quarter of the year due to the robust performance of all its businesses. In a disclosure to the Philippine Stock Exchange, the firm said its revenues and operating income reached P234.3 billion and P32.7 billion, 20 percent and 19 percent higher than last year, respectively. San Miguel Brewery, Inc. saw its consolidated volumes rising 11 percent to 65 million cases, driven mainly by increased consumption nationwide. Consolidated revenues grew 18 percent to P29.8 billion. Combined with contributions from its international operations, operating income rose 25 percent to P8.3 billion, while net income grew 26 percent to P5.7 billion. Ginebra San Miguel, Inc. reported a 20 percent increase in sales volumes for the first three months as ongoing campaigns helped core brands Ginebra San Miguel and Vino Kulafu to continue to drive growth. Revenues rose 24 percent to R6.4 billion while operating income reached P478 million, 58 percent higher than the same period last year. Net income surged to P255 million, a 97 percent increase. San Miguel Pure Foods Co., Inc., now officially named San Miguel Food and Beverage, Inc., registered consolidated revenue growth of 12 percent to P29.8 billion, on the back of the continued strong growth momentum of the Poultry & Meats and Value-Added Meats businesses. This growth was softened by higher costs of certain major raw materials and expansion-related operating expenses and net income ended at P1.4 billion, 7 percent lower than last year, primarily due to foreign exchange losses caused by the peso depreciation against the US dollar along with mark-to-market losses from raw material imports. San Miguel Yamamura Packaging Group’s total sales revenues rose 25 percent to P8.6 billion, on account of strong sales of glass, plastics, and flexibles and continuous growth in its Australia operations. Petron Corporation posted a net income of P5.8 billion, 4 percent higher than last year’s P5.6 billion, on account of strong combined domestic sales volumes and improved operating efficiencies at both its Philippines and Malaysian operations.