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San Miguel net income drops 5%

THE reduced earnings of its fuel unit and the flat ones of its food subsidiary caused San Miguel Corp.’s net income to fall to P39.7 billion in the first nine months of 2019.

In a statement on Thursday, the Ramon Ang-led conglomerate said the amount was a 5-percent decrease from the P41.9 billion recorded in the same period last year.

Its operating income and earnings before interest, tax, depreciation and amortization also dipped by 9 percent to P88.75 billion and 1 percent to P123 billion, respectively.

Net sales were also flat at P758.63 billion.

Oil subsidiary Petron Corp. saw its earnings slide by 70 percent to P3.6 billion and operating income fell by 38 percent to P13.9 billion in the first three quarters. Revenues also slipped by 9 percent to P381.7 billion.


“It (Petron) continued to reel from volatile movements in global crude oil prices, weak refining margins and a slowdown in demand,” San Miguel said in a statement.

Despite this, Petron said it continued with its network expansion program, opening 100 new stations in the country and 38 in Malaysia in the January-to-September period.

San Miguel Food and Beverage Inc.’s consolidated net income, meanwhile, ended flat at P22.92 billion in the first nine months on account of “pricing pressures” faced by its food group’s poultry business.

Its consolidated revenues in the period, however, climbed by 10 percent to P226.36 billion on higher volume across main products.

San Miguel Brewery Inc. posted P19.84-billion nine-month net income, 12 percent higher than P17.76 billion a year ago.

Ginebra San Miguel Inc. grew its bottom line figures by 68 percent to P1.33 billion in the first three quarters from the year-earlier P789 million.

San Miguel Foods’ earnings fell 59 percent to P1.78 billion in the nine months ending September from the previous year’s P4.37 billion.

Income from the operations of San Miguel Packaging Group rose by 2 percent to P2.49 billion; SMC Global Power Holdings Corp., 16 percent to P29.97 billion; and SMC Infrastructure, 1 percent to P8.97 billion.

San Miguel shares added 10 centavos or 0.06 percent to close at P170 apiece on Friday.

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Today’s Front Page November 12, 2019

Today’s Front Page November 12, 2019