San Miguel nets P35B

CONGLOMERATE San Miguel Corp. doubled its six-month net profit to P35.3 billion on higher earnings across all traditional and new businesses plus one-time gain from the sale of its telecommunications business.

Including earnings attributable to non-controlling interest, SMC’s net income in the first semester of last year amounted to P16.92 billion.

For the first semester os 2016, SMC reported a sustained growth in its core businesses, better refining margins for oil refining unit Petron Corp. alongside higher returns from its power and infrastructure subsidiaries.

Operating income for the period rose by 19 percent year-on-year to P48.8 billion from last year while net income from continuing operations grew by 33 percent to P23.5 billion.

The sale of its telecom business resulted in a one-time gain of P11.8 billion, representing mainly recovery of costs/losses, interest expenses and provisions incurred in previous years.