SAN Miguel Food and Beverage Inc. registered consolidated revenues of P69 billion for the first quarter of the year, nine percent lower than in the same period last year as the impact of Covid-19 weighed on its performance in the latter part of the quarter.

Consolidated operating income was likewise impacted by an increase in excise taxes for the beer and spirits divisions in January of this year. As a result, consolidated operating income and consolidated net income both declined 20 percent to P8.6 billion and P5.8 billion, respectively.

While its beer and spirits divisions started the year with good momentum, the declaration of the enhanced community quarantine (ECQ), together with the imposition of liquor bans across key cities, negatively impacted sales of its alcoholic beverages.

This was partially offset, however, by higher sales from the food division. In the first quarter, the food division generated consolidated revenues of P33.2 billion, two percent higher than in the same period last year. The beer division posted consolidated revenues of P28.4 billion, 18 percent lower than in the same period last year.

Similarly, the spirits division had a good start for the first two months of the year with sales volumes 15 percent higher than in the same period last year, but ended the quarter 14 percent less year-over-year. First quarter revenues amounted to P7.5 billion, 10 percent lower than last year. (PR)