San Miguel profits P8.5B in Q1

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Friday, May 11, 2012


DIVERSIFIED conglomerate San Miguel Corp. (SMC) said on Friday that its net income rose by 19 percent to P8.5 billion during the first quarter of this year compared to the same period of last year.

SMC said its robust first quarter earnings were due to the solid contributions from all its business units.

"San Miguel reported first quarter consolidated sales revenues of P142.0 billion, a 12 percent improvement from year-ago level, with majority of its businesses posting strong revenue growth as a result of higher volumes and better selling prices," it said.

SMC also said its overseas volumes also improved, growing by nine percent, with Indonesia, Hong Kong, and Thailand posting good numbers and China showing much improvement.

"Operating income grew five percent to P5.3 billion with improvements in efficiency, management of fixed costs, and significant improvements in international operations," it said.

San Miguel Brewery Inc.’s consolidated revenues reached P18.3 billion, up five percent from the previous year.

San Miguel’s Food Group, under San Miguel Pure Foods Company Inc., posted first quarter consolidated revenues of P22.4 billion, nine percent higher than in the same period last year.

The San Miguel Packaging Group, for its part, posted a three percent improvement in revenue at P5.9 billion, pushed by higher domestic sales and solid performance from its export business.

Operating income for San Miguel Yamamura Packaging improved 11 percent to P511 million, as a result of efficiency initiatives, fixed cost management and lower raw material prices.

Petron Corporation, for its part, reported a four percent growth in its sales volume, with more than 12 million barrels sold in the first quarter.

The company reported that it is consolidating its infrastructure business with the fast-tracking of the upgrading of the Boracay Airport, ongoing construction of the Tarlac-Pangasinan-La Union Expressway (TPLEX) and initiation of the MRT-7 project. Among its recent acquisitions are stakes in the firm operating the South Luzon Expressway and Skyway system.

Recently, SMC announced its entry into Philippine Airlines and Air Philippines via a 49 percent equity interest in the holding companies of both airlines.

Its oil refining and fuel flagship, Petron, has also completed the acquisition of 65 percent of Esso Malaysia Berhad and 100 percent of ExxonMobil Malaysia Sdn Bhd and Exxon Mobil Borneo Sdn Bhd. (SDR/Sunnex)

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