SMC profit soars by 31%

San Miguel Corp. grew its first quarter recurring net income by 31 percent to P19.4 billion.

Consolidated revenue and operating income hit P234.3 billion and P32.7 billion, 20 percent and 19 percent higher than last year, respectively, SMC said in a statement.

San Miguel Brewery Inc.’s net income grew by 26 percent year-on-year to P5.7 billion in the first quarter. Revenue rose by 18 percent to P29.8 billion as volumes grew by 11 percent to 65 million cases.

Other key units performed in the first quarter as follows: Ginebra San Miguel Inc. grew net profit by 97 percent to P255 million; San Miguel Pure Foods Co. Inc., now re named San Miguel Food and Beverage, saw a 7-percent drop in net profit to P1.4 billion primarily due to foreign exchange losses caused by the peso depreciation against the US dollar along with mark-to-market losses from raw material imports, and Petron Corp. posted a net income of P5.8 billion, up 4 percent, on account of strong combined domestic sales volumes and improved operating efficiencies at both its Philippines and Malaysian operations.—DORIS DUMLAO-ABADILLA