SMC recurring income up 1%

MANILA, Philippines — San Miguel Corp., the country’s most diversified conglomerate, said its recurring income rose by only one percent to P55.2 billion.

Revenues reached P1.02 trillion, 24 percent higher than the year ago on the back of strong performances from all its key businesses -- food, beverage, packaging, fuels and petrochemicals, power and infrastructure.

Income from operations rose five percent to P117 billion, while net sales grew 14 percent to P286.4 billion.

SMC, led by tycoon Ramon Ang as president and COO, reported growth in most of its major businesses.

In terms of subsidiaries, San Miguel Brewery Inc. reported a 15 percent increase in net income to P23.4 billion.

Ginebra San Miguel Inc.’s net earnings jumped 75 percent to P1 billion on the back   a 19 percent hike in net sales to  P24.8 billion.

San Miguel Pure Foods reported a 15 percent drop in profit to P5.9 billion despite a 13 percent rise in net sales to P132.3 billion.

San Miguel Packaging Group, meanwhile, reported an 11 percent  increase in its  income from operations to P3.3 billion.

SMC Global Power Holdings Corp. said income from operations grew 37 percent to P33.2 billion. Consolidated revenues grew 45 percent to P120.1 billion.

Petron Corp., the country’s top refiner, suffered the huge blow of lower oil prices  as net earnings declined 50 percent to P7 billion.

Combined revenues from the Philippines and Malaysia grew 28 percent to P557.4 billion.

San Miguel’s infrastructure business posted a 13 percent growth in net income to P11.8 billion.