ICONIC From a food and beverage giant into a diversified conglomerate
Conglomerate San Miguel Corp. incurred a net loss of P4 billion in the first semester as the lockdown protocols during this coronavirus (COVID19) pandemic bludgeoned its beer and petroleum businesses.
This marked a sharp reversal of the P26.15 billion net profit in the same period last year.
Coming from a P1.09 billion net profit in the first quarter, this suggested that for the second quarter alone, SMC swung to a net loss of P5.09 billion compared to a net profit of P13.33 billion year-on-year.
These earnings include those attributable to non-controlling interest.
Consolidated revenues amounted to P352.8 billion, 31 percent lower from last year while consolidated operating income declined by 74 percent to P14.9 billion.
“The first half was particularly challenging for most in the business sector but we are seeing strong indications of a recovery for SMC businesses, and we remain focused and determined to build on these gains. Government reopening the economy, and allowing businesses to operate under strict health and safety protocols, was a very good call. Given that we’re still in a pandemic, saving lives is still our priority. As such, we fully support the new Modified Enhanced Community Quarantine (MECQ) in support of our medical front liners,” SMC president and chief operating officer Ramon S. Ang said.
The full impact of the pandemic that virtually shut all economic activity in the country from mid-March to mid-May, however, limited growth and reflected on the company’s first half performance.