San Miguel Corp., a diversified investment holding company, said Tuesday net profit in the nine months through September was almost 1.5 times higher at P31.2 billion as its various businesses from oil to energy to infrastructure as well as beer and cement manufacturing performed well.
Consolidated revenue declined 5 percent to P1.1 trillion due to lower selling price of oil firm Petron Corp. and lower volume of San Miguel Foods and San Miguel Global Power, while operating income still climbed 29 percent to P110.2 billion reflecting the strong performance of various units.
“SMC’s resilient performance in the face of economic challenges is very encouraging,” said San Miguel president and chief operating officer Ramon Ang. “Our achievements highlight our focus on consistent quality and strategic business growth. We remain dedicated to delivery exception service to our customers while contributing to the broader national initiatives,” Ang added.
San Miguel Food and Beverage saw revenue rise 6 percent, contributing P276.7 billion to group revenue on account of the better selling price of beer, spirits and food. Operating income was, however, 8 percent lower at P34.7 billion on lower volume and higher raw materials cost of the food business.
Lower foreign exchange revaluation helped San Miguel Global return a consolidated net income of P9.1 billion from a net loss of P2.6 billion. Operating income was up 1 percent to P23.3 billion.
Petron saw sales volume rise 16 percent to 93.6 million barrels but lower prices pushed down consolidated revenue to P587.3 million from P611.1 million.
Increased traffic at its various toll road operations, pushing past 1 million vehicles, nudged SMC Infrastructure’s total revenue by 20 percent to P25.1 billion.
Cement operations which includes Eagle Cement, Northern Cement, and Southern Concrete Industries, saw consolidated revenue up 3.5 times to P28.9 billion, due mainly to operations fo Eagle Cement.
