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By Likha C. Cuevas-Miel, Reporter
SOUTHEAST Asia’s largest food
and beverage conglomerate told the Philippine Stock Exchange that
its first-quarter net income rose on the back of higher revenues of
most of its units.
In a disclosure, San Miguel Corp.
said its earnings more than doubled to P4.1 billion year on year,
excluding one-time gains on sale of investments. Otherwise, net
income reached P11 billion, four times more than a year ago as
consolidated revenues went up by 11 percent to P39.2 billion.
This improvement was supported by
the 40 percent growth to P3.85 billion in consolidated operating
income. Income from continuing operations was more than five times
higher at P5.52 billion year-on-year due to better efficiencies and
tighter spending across all operating units.
Newly listed San Miguel Brewery
Inc.’s net income rose 37 percent to P2.5 billion year on year,
driven by sales volume growth of 18 percent resulting in a 13
percent expansion in revenues to P12.3 billion.
The conglomerate’s
international beer operations grew 9 percent more in sales volumes
as first quarter sales from Indonesia, Thailand, Vietnam and beer
exports were robust. Together with “improving performance” of
its North China and Hong Kong businesses, its net sales grew by 40
percent to $63.1 million year on year.
Ginebra San Miguel Inc.’s
revenue grew by 14 percent to P3.4 billion due to the 10-percent
volume increase over a year ago.
The firm’s food group
registered consolidated revenues of P16.6 billion, up 19 percent, as
poultry, flour, feeds and value-added segments registered increased
volumes helped by higher selling prices.
The company’s packaging unit
saw its net income jump from last year’s P25 million to this
year’s P347 million as it posted revenue growth of 8 percent to
P4.96 billion. This improvement was due to the recovery of the
demand for glass in beer, healthcare and pharmaceuticals.
For this year, the conglomerate
said it expects positive growth that will be driven by strong
consumer demand for its brand.
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