Diversified conglomerate San Miguel Corporation (SMC) posted a net income of P15 billion for the third quarter of 2020, a full turnaround from the P4.0 billion loss incurred in the first half following the easing of restrictions starting July.
Consolidated revenues and operating income of P531.1 billion and P41.5 billion for the first nine months of 2020, however, remained lower at 30 percent and 53 percent compared to the previous year, mainly due to the huge impact of the pandemic especially in the second quarter.
EBITDA (earnings before interest, tax, depreciation, and amortization) for the nine month period ended at P83.8 billion, 32 percent lower than in the same period of 2019 while net income registered P10.7 billion, reversing the first half loss of P4.0 billion.
“The country has proven its adaptability and resilience in these trying times, and we, in San Miguel Corporation, will continue to deliver on our commitment to help the country build back better and stronger as we emerge from this pandemic,” SMC president and COO Ramon S. Ang said.
San Miguel Food and Beverage, Inc. posted year-to-date consolidated revenues of P194.6 billion, 14 percent lower than in the same period in 2019, but an improvement from the first half results.
SMFB’s consolidated operating income and net income ended at P20.5 billion and P14.4 billion, both lower by 39 percent and 37 percent, respectively.
San Miguel Brewery, Inc. (SMB) showed significant improvement in the third quarter, delivering revenues of P29.7 billion, more than double the P14.4 billion reported in the second quarter.
However, despite the improvement, sales volumes for the nine-month period ended 38 percent lower than in the same period last year, at 138 million cases.
Consolidated revenues and operating income for January to September amounted to P72.5 billion and P14.8 billion, 30 percent and 47 percent lower than the previous year, respectively.
Ginebra San Miguel Inc. strengthened its volume rebound, recording an overall volume jump of 33 percent during the third quarter versus the same period last year.
This brought Sept-ytd sales volumes to 27.4 million cases, 3 percent higher than last year, a complete turnaround from its first half 10 percent volume decline.
GSMI’s consolidated revenues amounted to P25.3 billion, 18 percent higher than the same period last year while operating income and net income further grew by 41 percent and 67 percent at P3.1 billion and P2.2 billion, respectively.
San Miguel Foods registered a 4 percent drop in consolidated revenues to P96.7 billion in the first nine months primarily due to prevailing weakness of poultry prices, slowdown in food service and retail operations, and the continuing effects of the African Swine Fever on commercial feeds.
SMC Global Power Holdings Corp. posted Sept year to date off-take volumes of 19,825 Gwh, 8 percent lower compared to the same period last year.
Consolidated revenues amounted to P87.9 billion, 16 percent lower versus last year. Net income amounted to P14.5 billion, 27 percent higher than last year.
Petron Corporation saw its performance bouncing back in the third quarter, delivering consolidated net income of P1.63 billion, mainly due to stabilizing world crude prices and government’s easing of the quarantine restrictions.
Its year-to-date performance, however, still reflected the impact of the challenges the past six months.
Consolidated revenues settled at P216.4 billion, 43 percent lower than last year, with consolidated sales volume from its Philippine and Malaysian operations also down 24 percent to 59.5 million barrels, from 78.7 million barrels a year ago.
Operating loss and Net Loss for the first nine months amounted to P10.4 billion and P12.6 billion, respectively.
SMC Infrastructure’s operating toll roads saw traffic volume improvements during the third quarter, compared to the first half, but overall, Year to date traffic volumes were still down by 37 percent. Consolidated revenues amounted to P10.3 billion, 42 percent lower than last year, while operating income stood at P2.1 billion.