MANILA, Aug. 11 (PNA) — Philippine conglomerate San Miguel Corp. (SMC) grew its six-month profit by 15 percent despite lower revenues.
In a statement, SMC said consolidated net income, excluding the effects of foreign exchange movement, amounted to PHP18 billion in January to June from PHP15.65 billion during the same period last year.
Its consolidated revenues, however, declined by 16 percent to PHP338.8 billion in the first semester due to unfavorable crude prices at the start of the year, along with lower volumes for SMC Global Power as a result of the maintenance shutdown of the Malampaya gas facilities.
SMC reported PHP40.7 billion in consolidated operating income for the first half, a 23-percent increase over the same period last year, on the back of a five percent combined revenue growth in its core businesses, the significant profit recovery of Petron in the second quarter as a result of more stable crude oil prices, and higher contribution from its infrastructure business.
Petron Corporation sold 47.4 million barrels, nine percent higher than last year, as domestic volumes surged by 17 percent.
Net income of San Miguel Brewery Inc. grew 10 percent to PHP6.9 billion; while consolidated revenues rose five percent to PHP39.8 billion, driven mainly by domestic operations.
Ginebra San Miguel Inc. sustained its recovery with consolidated revenues rising eight percent to PHP7.5 billion on the back of higher volume growth.
Consolidated revenues of San Miguel Pure Foods Company Inc. rose three percent to PHP50.5 billion, on the back of the solid performance of its Branded Value-Added, Feeds and Flour businesses.
Higher sales of glass products to beverage companies and exports pushed revenues of San Miguel Yamamura Packaging Group by four percent to PHP12 billion.
San Miguel Holdings Inc., SMC’s infrastructure business, contributed PHP5.3 billion in toll revenues for the first half of the year, the main bulk of which came from South Luzon Expressway and Skyway 1 and 2, which were consolidated beginning March.(PNA)