SMC posts 29% income growth

Conglomerate San Miguel Corp. grew recurring net profit in the first semester by 29 percent year-on-year to P35.5 billion on higher earnings from its food, beverage, power, energy and infrastructure businesses.

Including effects of unrealized mark-to-market losses as a result of foreign exchange translation, SMC’s reported net income amounted to P27.6 billion, up by 6 percent from the previous year.

The six-month net profit included earnings attributable to minority interest.

SMC’s consolidated revenue reached P499 billion, 27 percent higher year-on-year, due to higher sales volumes and favorable selling prices.

All businesses in food and beverage, power, fuel and oil, and infrastructure sustained their respective growth momentum.

SMC’s operating income also grew by 25 percent to P67 billion in the first six months, brought about by higher volumes and better margins. Group-wide cash flow amounted to P83.5 billion, 18 percent higher than the prior year.

“Increased business focus and a lot of hard work were key to our group’s stellar performance. We’re encouraged by the results we’ve had so far, and are very hopeful that this momentum will carry through for the rest of the year,” SMC president and chief operating officer Ramon S. Ang said. —DORIS DUMLAO-ABADILLA