SMC net profit at P39.7B

Conglomerate San Miguel Corp. posted P39.7 billion in net profit in the first nine months, down by 5 percent from the same period in 2018 due to the decline in earnings by its oil and food businesses.

Petron Corp. was weighed down by volatile global crude oil prices and weak refining margins, while San Miguel Foods faced headwinds from rising raw material costs, the company said in a press statement on Thursday, Nov 7.

SMC booked consolidated revenues of P758.6 billion for the first nine months of this year, versus P761.17 billion in the same period last year. Higher volumes from its beer, spirits, power, and infrastructure units made up for the slowdown in the oil and food businesses.

Consolidated operating income dropped by 9 percent year-on-year to P88.7 billion. The net profit of P21.9 billion for the nine-month period included earnings attributable to minority interest./TSB