San Miguel sale of Meralco stake boosts 2013 profit

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The consolidated net income of conglomerate San Miguel Corp. (SMC) for 2013 soared 42 percent with the inclusion of hefty gains from the sale of its entire stake in utility giant Manila Electric Co. (Meralco).

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In its financial statement for last year, SMC reported net income attributable to equity holders of P38.1 billion.

The diversified conglomerate attributes the increase mainly to the sale of San Miguel’s entire holdings in Meralco to JG Summit Holdings Inc.

However, the earnings were partially offset by unrealized foreign exchange losses amounting to about P15.6 billion, brought about by the strengthening of the US dollar in the second half of 2013, it said.

Without the unrealized forex losses, net income would have climbed 210 percent to P53.6 billion.

Consolidated revenues rose 7 percent to P748 billion, with new businesses accounting for 70 percent of the total, an improvement of 9 percent over the previous year, while its core beverage, food, and packaging businesses posted moderate growth of 2 percent.

Consolidated operating income of the company, on the other hand, grew 7 percent, reaching almost P55.1 billion, while its consolidated recurring earnings before interest, taxes, depreciation, and amortization (Ebitda) improved only 1 percent to P77.3 billion.

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