SMC rakes in $1-B in profits
Diversidfied conglomerate San Miguel Corp. said its net earnings surged 80 percent to P52 billion last year as core and new businesses continued to provide a healthy cashflow.
Stripping out the foreign exchange losses amounting to P8.9 billion, consolidated income reached P61.2 billion.
Consolidated operating income grew 24 percent to P99.7 billion, driven by the double-digit growth in most of its businesses.
Revenue, however, rose by only two percent to P685 billion due to low fuel prices of Petron.
Subsidiary San Miguel Pure Foods Co., Inc. delivered another solid performance with its net income expanding 26 percent to P6 billion. Revenues went up four percent to P111.6 billion on robust volumes and favorable selling prices for chicken and value-added products. This partly offset the drop in flour prices as global grain stocks pile up.
Hard liquor unit Ginebra San Miguel swung to profitability, booking a net income of P361 million on P18.6 bilion in revenues.