Conglomerate San Miguel Corp. (SMC) saw a 5.6-percent drop in six-month net profit to P26.2 billion as volatile global crude oil prices and weak margins battered its oil refining business.
Consolidated revenue for the first semester grew by 2 percent year-on-year to P509.5 billion.
Consolidated operating income, however, was 14-percent lower year-on-year at P57.6 billion, due to lower contributions from Petron Corp. Its Bataan refinery was also temporarily shut down during this period due to major maintenance and repairs following the April 22 earthquake.
The food business under San Miguel Pure Foods was also affected by rising raw material costs.
For San Miguel Food and Beverage Inc., consolidated revenues rose by 10 percent year-on-year to P151.1 billion, on strong domestic volumes for its beer and spirits businesses, which grew by 11 percent and 17 percent, respectively. Consolidated operating income ended at P21.6 billion, down 6 percent from a year ago.
Energy unit SMC Global Power Holdings Corp. saw a 26-percent year-on-year growth in consolidated revenues to P72.5 billion. Consolidated operating income increased by 8 percent to P18.4 billion.
SMC Global Power posted consolidated off-take volume growth of 14,635 gigawatt hours in the first semester, 28 percent higher than a year ago. This is due to new contracts from the additional power generated by the Masinloc, Limay and Malita power plants, and improved plant capacity factors from the Sual and Ilijan facilities. —DORIS DUMLAO-ABADILLA