San Miguel Building designed by Arch. Bobby Mañosa
Conglomerate San Miguel Corp. grew its core net profit in the first semester by 21 percent year-on-year to P27.6 billion on higher earnings across most businesses.
Including the impact of foreign exchange adjustment and one-time gain from the sale of its telecommunication business last year, SMC’s headline net profit fell by 26 percent year-on-year to P26.1 billion in the first semester.
The earnings reported by SMC on Thursday include those attributable to minority interest.
Consolidated operating income reached P53.4 billion, 10 percent higher than last year. In addition to the higher sales sustained by most of the businesses, SMC also reported better management of fixed costs across the group.
Group-wide cash flow reached P70.8 billion, 12 percent higher than the previous year.
Except for the power business, all traditional and new businesses contributed higher earnings to the group.
SMC Global Power’s revenues and operating income amounted to P40.7 and P13.3 billion, respectively, both lower than last year as a result of lower bilateral volumes brought about by the scheduled annual maintenance shutdown of the Ilijan and the Malampaya facility earlier this year.
San Miguel Brewery Inc. grew its net income by 14 percent year-on-year to P9.4 billion. Consolidated revenues and operating income grew by 12 percent to P53.1 billion and P14 billion, respectively;
Liquor unit Ginebra San Miguel Inc. chalked up first semester net profit of P265 million, almost doubling year-on-year as revenues rose by 20 percent to P10.1 billion. Operating increased by 44 percent to P594 million.
San Miguel Pure Foods Co. Inc. boosted its first semester net profit by 26 percent to P3.1 billion. Revenues rose by 5 percent to P55.9 billion due to higher volumes and favorable selling prices of agro-industrial and processed meat businesses. Operating income grew by 24 percent to P4.5 billion.
San Miguel Yamamura Packaging Group’s revenues reached P14 billion, 4 percent year-on-year, due to improved sales from its plastics and metal businesses and higher contribution of its Australian operations. Operating income grew by 6 percent to P1.4 billion.
Petron Corp. grew six-month net profit by 56 percent to P8.2 billion as the country’s leading petroleum firm focused on more profitable segments and improved refinery production yields.
Consolidated revenues rose by P28 percent to P207 billion while operating income also grew by 27 percent to P14.6 billion.
Revenue contribution from SMC’s infrastructure business increased by 11 percent year-on-year to P10.9 billion in the first semester, with the sustained growth of traffic volumes from operating tollroads. Operating income amounted to P5.2 billion, up by 4 percent year-on-year.
The conglomerate also reported that all on-going infrastructure projects – Skyway Stage 3, TPLEX (Tarlac-Pangasinan-La Union Expressway) Section 3, SLEX (South Luzon Expressway)-Tollroad 4, MRT (Manila Railway Transit) -7, Boracay Airport new passenger terminal Boracay Airport, and the Bulacan Bulk Water – remain on track with construction targets.