San Miguel income slightly up in Jan-March

MANILA, Philippines - Diversified conglomerate San Miguel Corp. said its net income rose two percent to P13.8 billion in the first quarter on the back of a 23 percent jump in revenues.

Consolidated revenues amounted to P195.8 billion with fuel and oil, infrastructure, and core food, beverage and packaging businesses delivering solid results.

Operating income grew 21 percent to P27.5 billion while EBITDA increased 13 percent to P35.5 billion.

Excluding forex effects, net income grew jumped 62 percent to P14.8 billion.

 San Miguel Brewery reported a 12 percent rise in net income to P4.5 billion as revenues went up 12 percent  to P25.4 billion.

Ginebra San Miguel’s profit surged to P129 million or more than double the previous year as revenues jumped 31 percent to P5.1 billion. Sales volume increased 32 percent to seven million.

San Miguel Pure Foods Inc. grew its net income 20 percent to P1.5 billion on the back of a three percent hike in revenues to P26.7 billion on account of prevailing favorable selling prices for the poultry, fresh meats and value-added meats businesses.

Among the newer businesses, SMC Global Power registered P19.4 billion in revenues. Lower bilateral volumes from Sual and Ilijan resulted in lower operating income of P6 billion.

Petron Corp., meanwhile, registered strong results, with net earnings doubling to P5.6 billion.

SMC’s infrastructure business delivered consolidated revenues and operating income of P5.3 billion and P2.6 billion, respectively.