San Miguel Corp., a listed diversified conglomerate, reported a 50 percent drop in first-quarter net profit to P8.89 billion due to foreign exchange adjustment.
Excluding foreign exchange adjustments, net profit for the January-March quarter was up 61 percent to P14.5 billion.
It recorded a 13 percent growth in first-quarter revenue to P392.7 billion, driven by the strong start to the year delivered by its various businesses, including spirits, infrastructure, fuels, food and power.
San Miguel president and chief executive officer Ramon Ang said the first-quarter earnings performance is a “solid foundation” for the rest of the year. “Our strategic business decisions and market leadership continue to drive sustainable value creation for our shareholders. With our diversified business model, we are optimistic that 2024 will sustain our history of growth,” he said.
San Miguel Food and Beverage Inc. saw a 13 percent growth in operating income to P13.1 billion as sales rose 2 percent to P95.4 billion. Net income for the quarter was up 1 percent to P10 billion.
San Miguel Global Power Holdings Corp. increased consolidated revenue by 7 percent to P44.1 billion on a 71 percent surge in off-take volume from Manila Electric Co. and new retail electricity supplier. Operating income was up 17 percent to P8.8 billion while net income was sharply lower at P1.5 billion due to a foreign exchange loss of P1.4 billion, a turnaround from the P3.7 billion gain in the same quarter last year.
Petron Corp. reported a 16 percent growth in net income to P3.9 billion as combined sales volume in the Philippines and Malaysia increased 23 percent to 35.3 million barrels. It saw first-quarter revenue rise 21 percent to P227.6 billion.
