San Miguel 1st quarter net profit up 2%

Conglomerate San Miguel Corp. (SMC) 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 included 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, SMC said in a press statement yesterday.

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

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

Consolidated revenues rose by 9 percent to P25.4 billion while operating income increased by 10 percent to P6.7 billion. The growth was driven by a 2-percent rise in consolidated volumes, reaching 58.6 million cases during the first quarter.

Ginebra San Miguel Inc.’s net profit more than doubled to P129 million in the first quarter compared to the same period last year. Sales volumes expanded by 32 percent to seven million cases, boosting revenues by 31 percent to P5.1 billion. Operating income amounted to P303 million, up by 61 percent from last year’s level.

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

The packaging business under San Miguel Yamamura Packaging Group, on the other hand, reported a 6-percent year-on-year increase in operating income to P632 million.