SMC nets P13.8B

Conglomerate San Miguel Corp. grew its first quarter net profit by 2 percent year-on-year to P13.8 billion on higher earnings across its beverage, food, oil and infrastructure businesses.

The reported figure includes net income attributable to minority interest.

Excluding the impact of foreign exchange, SMC’s core net income went up by 62 percent to P14.8 billion for the quarter, SMC said in a press statement on Wednesday.

Group-wide revenues rose by 23 percent year-on-year in the first quarter to P195.8 billion.

Key operating units performed as follows:

– Beer-maker San Miguel Brewery Inc. reported a net income of P4.5 billion for the quarter, up by 12 percent than the same period last year.

– Ginebra San Miguel Inc.’s net profit more than doubled to P129 million in the first quarter compared to the same period last year.

– San Miguel Pure Foods’ first quarter net income increased by 20 percent to P1.5 billion.

– San Miguel Yamamura Packaging Group reported a 6-percent year-on-year increase in operating income to P632 million.

– SMC Global Power’s off-take volume fell by 11 percent to 3,961 Gwh in the first quarter. Revenues amounted to P19.4 billion, 3 percent lower than last year.

– Petron Corp.’s P5.6 billion net profit in the first quarter was double the level posted for the same period last year.

– SMC’s infrastructure business delivered consolidated revenues and operating income of P5.3 billion and P2.6 billion which stood 14 percent and 6 percent higher, respectively.

SMC’s consolidated operating income reached P27.5 billion, up 21 percent from the same period last year. Consolidated cash flow reached P35.5 billion,13 percent higher than the previous year.