San Miguel nets P13.5 B in Q1

MANILA, Philippines - San Miguel Corp. said its first quarter net income more than doubled to P13.5 billion on strong growth of its core food, beverage, packaging businesses and higher contributions from its power and infrastructure units.

Consolidated operating income grew 38 percent to P22.8 billion, 38 percent higher than the P16.5 billion recorded a year ago.

San Miguel Brewery Inc. posted robust topline and earnings growth for the period due to higher demand for its products, better performance of its international operations and successful activation of its various brands. Net income climbed 23 percent to P4 billion.

Ginebra San Miguel Inc. likewise continued its growth momentum into the first quarter with sales volume reaching 5.3 million cases, seven percent better than last year.  As a result, net income grew to P54 million from a net loss of P29 million a year ago.

San Miguel Pure Foods Co. Inc. posted a net income of P1.2 billion, up 34 percent as revenues went up four percent P26 billion.  The growth was driven by the strong performance of its feeds, poultry and branded value-added businesses.

San Miguel Packaging Group, meanwhile, reported an operating income of P597 million or 25 percent more than the P479 million posted a year ago.

SMC Global Power Holdings Corp. saw a 16 percent growth in offtake volume  to 4,457 Gwh with all its power plants registering higher bilateral volumes for the period in review.

Consolidated revenues increased to to P19.9 billion while operating income rose seven percent to P7.3 billion.

Petron Corp. survived the prolonged slump in oil prices as it reported better first quarter results both from its Philippines and Malaysian operations. Net earnings grew more than 10-fold to P2.8 billion.

Infrastructure unit San Miguel Holdings Corp. said revenue and operating income grew 16 percent to P4.7 billion and P2.4 billion, respectively.

Ongoing projects include the NAIAx, which is expected to complete a significant portion by end-June this year, Skyway Stage 3, TPLEx phase 3, SLEX TR4, the Bulacan Bulk Water Project and MRT-7.

Meanwhile, its Boracay Airport is scheduled to start jet operations by the second quarter of this year while construction of a new and bigger terminal is expected to commence by November.