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San Miguel profit up 31% to Php23B in Jan-Sept

Posted on November 10, 2014

By Leslie D. Venzon

MANILA, Nov. 10 (PNA) — Net income of Philippine conglomerate San Miguel Corp. (SMC) rose to Php23.2 billion in the first three quarters this year, up 31 percent from Php17.7 billion in the same period last year.s of 2014 mainly boosted by its new fuel and oil and power generation businesses.

In a statement to the Philippine Stock Exchange, SMC said the income was mainly boosted by the firm’s new fuel and oil and power generation businss.

SMC said its consolidated revenues from January to September also rose by 10 percent to Php599 billion from Php544 billion, due also to a healthy growth in its core beer and food businesses.

“We were able to build on the gains we made in the first semester. While adverse oil and fuel prices had an impact on Petron, we were able to ride out much of the volatility. This goes to show that our current portfolio of businesses is largely resilient to external stresses that could otherwise greatly impact our financial result,” said SMC president and chief operating officer Ramon S. Ang.

Petron’s consolidated revenues reached about Php380 billion, a 13-percent improvement, as combined volume sales reached 64.7 million barrels.

This was driven mainly by an 11-percent growth in total sales volumes for the Philippine market, which was at 38.3 million barrels. Malaysian operations contributed 26.3 million barrels, a two-percent improvement.

SMC Global Power reported higher consolidated off-take volume and improved revenues, on the back of increased bilateral volumes and higher average bilateral and Wholesale Electricity Spot Market (WESM) prices.

The conglomerate noted that its ongoing infrastructure projects, namely the Tarlac-Pangasinan-La Union Expressway (TPLEX), the NAIA Expressway, Skyway Stage 3, the Star Tollway upgrade and Boracay Airport project, were all on track and progressing as scheduled.

Meanwhile, San Miguel Brewery Inc.’s consolidated revenues grew five percent to Php56.3 billion.

“Beer International’s operations in Hong Kong, South China, also continued to perform strongly, as did its export business,” SMC said.

Revenues of Ginebra San Miguel Inc. also improved seven percent to Php10.6 billion.

San Miguel Pure Foods Company Inc. said its consolidated revenues amounting to P74.4 billion, up four percent, as its agro-industrial, flour-milling, and dairy businesses delivered strong results.

San Miguel Yamamura Packaging Corp. reported flat revenues at Php17.3 billion, even as higher volume sales from paper and PET products and its Malaysia operations offset a slowdown in demand for glass. (PNA)

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