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SMC net income up 20%

/ 05:07 AM November 14, 2018

Conglomerate San Miguel Corp. reported a consolidated recurring net income of P52.4 billion, up by 20 percent year-on-year, on higher earnings of its food and beverage, packaging, fuels and petrochemicals, power generation, and infrastructure businesses.

The core profit excluded the effects of unrealized foreign exchange translation but it included earnings attributable to minority interest.

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Consolidated revenue hit P761.2 billion, up 28 percent from year-ago level, driven by robust volumes and favorable selling prices.

Consolidated operating income rose 18 percent to P98 billion, while consolidated cash flow as measured by earnings before interest, taxes, depreciation and amortization (Ebitda) rose by 15 percent to P124.8 billion.

Newly-listed San Miguel Food and Beverage Inc. —composed of San Miguel Brewery, Ginebra San Miguel and the San Miguel Food Group—grew both operating income and net income by 17 percent year-on-year to P34 billion and P22.9 billion, respectively, in the first nine months.

The consolidated revenue of P206.6 billion was 15 percent better than the 2017 level.

San Miguel Brewery Inc.’s domestic operations registered an 11-percent rise in volume. Ginebra San Miguel Inc. also posted volume growth of 13 percent.

All segments under the food group reported double-digit revenue growth on increased volumes and favorable selling prices.

SMC Global Power Holdings Corp. posted consolidated off-take volume of 17,670 gigawatt hours, up by 38 percent from a year ago. This was attributed to additional generation from the Limay, Malita and Masinloc plants and higher contributions from the Sual and San Roque plants.

Consolidated revenue hit P89.1 billion, up by 43 percent year-on-year while nine-month operating income rose by 31 percent to P25.8 billion.

Petron Corp.’s consolidated net income rose by 3 percent to P12.1 billion.

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San Miguel’s infrastructure business posted a 10-percent growth in consolidated revenue and operating income to P18.1 billion and P8.9 billion, respectively, due to higher volume in its operating toll roads. —DORIS DUMLAO-ABADILLA

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