San Miguel group reports P39.7B in net income

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

Petron Corp. was weighed down by the volatile global crude oil prices and weak refining margins, while San Miguel Foods faced headwinds from rising costs of raw materials, SMC said in a statement.

SMC booked consolidated revenue of P758.6 billion for the first nine months of this year, slightly lower than the P761.17 billion a year ago. Higher volumes from its beer, spirits, power and infrastructure units made up for the slowdown in the oil and food businesses.

Consolidated operating income fell 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.

On its traditional consumer business, San Miguel Food and Beverage Inc. (SMFB) posted P22.92 billion in net profit in the first nine months, flat from year-ago level partly due to a glut in poultry supply.

Consolidated revenue of P226.4 billion was up by 10 percent over year-ago level. However, SMFB said pricing pressures in the poultry business affected its bottom line.

SMC Global Power Holdings Corp.’s net profit more than doubled to P11.4 billion from last year. Consolidated off-take volume of 21,581 Gwh during the nine-month period rose by 22 percent year-on-year.

Petron’s consolidated operating income and net income ended at P13.9 billion and P3.6 billion, down by 38 percent and 70 percent year-on-year, respectively.

SMC Infrastructure’s operating toll roads reported a combined 6 percent growth in vehicular traffic volume. It posted consolidated revenue of P17.8 billion and operating income of P9 billion. —DORIS DUMLAO-ABADILLA