San Miguel’s recurring net profit at P31B

Conglomerate San Miguel Corp. booked a 54-percent year-on-year growth in recurring net profit to P31.1 billion in the first nine months, buoyed by higher earnings across its food, beverage, power generation and oil businesses.

Including extraordinary items, SMC’s reported net income surged by 125 percent year-on-year to P43 billion for the nine-month period.

Earlier this year, SMC sold its telecommunication assets to PLDT Inc. and Globe Telecom, giving up an earlier bid to compete in this business.

In a press statement, SMC reported that operating income reached P73.2 billion, 24 percent higher year-on-year as core beverage, food and packaging businesses maintained their growth momentum. The power and infrastructure businesses likewise delivered higher contributions while fuel and oil subsidiary Petron realized higher refining margin.