Saturday, May 25, 2019

San Miguel revenues hit P1T mark

SAN Miguel Corp. (SMC) breached the P1 trillion revenue mark in 2018, buoyed by a strong performance of key businesses—food, beverage, packaging, fuels and petrochemicals, power and infrastructure. Consolidated revenues reached P1.02 trillion, up 24 percent from the previous year, while consolidated operating income increased five percent to P117.1 billion. The conglomerate’s consolidated earnings before interest, tax, depreciation and amortization also rose seven percent to P157.9 billion. Income growth for the conglomerate was tempered by the sharp decline in crude prices, resulting in inventory losses for its fuels and petrochemical business during the fourth quarter, compounded by the foreign exchange translation losses for the year. (PR)


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