Conglomerate San Miguel Corp. (SMC) on Thursday reported its bottom line in the first three months of the year surged by more than 122 percent at P13.5 billion, boosted by the strong performance of its various businesses.
Primarily the food and beverage, packaging, power, and infrastructure businesses buoyed its net income in January to March.
In a presentation before equity analysts, SMC said net income in the first quarter reached P13.5 billion, up 122.40 percent from P6.07 billion a year earlier.
“The Company also benefitted from improved operating efficiencies that boosted margins for Petron Corp. amidst the slump in oil prices,” the company reported.
Consolidated operating income surged by 38 percent to P22.8 billion from P16.5 billion.
Beer unit San Miguel Brewery Inc. posted P4 billion in net income, up 23 percent, largely on higher demand for its products, better performance of international operations, and successful activation of various brands.
Consolidated sales revenue increased by 23 percent to P23.3 billion, while operating income rose 17 percent to P6.1 billion.
Ginebra San Miguel Inc. posted a net income of P54 million, a reversal from the P29- million net loss year-on-year.
Pure Foods Company Inc. realized a net income of P1.218 billion, up 34 percent from P911 million.
The Packaging Group generated P597 million of operating income, up 25 percent.
SMC Global Power Holdings Corp.’s offtake volume grew by 16 percent to 4,457 Gigawatt hours with all power plants registering higher bilateral volumes.
Consolidated revenue marginally grew to P19.9 billion while operating income rose 7 percent to P7.3 billion.
Petron Corp., managed to weather the oil price slump with net earnings expanding nearly 10 times to P2.758 billion from P257 million.