San Miguel posts fat profit
Strong third quarter results and sustained growth across its units buoyed San Miguel Corp’s net earnings in the first nine months of the year.
Reported net income more than doubled to P42.95 billion from P19.08 billion while operating income grew 24 percent to P73.2 billion as the conglomerate’s core beverage, food and packaging businesses maintained their growth momentum.
Flagship firm San Miguel Brewery Inc. grew its profit by 22 percent to P12.2 billion on the back of an 18 percent increase in net sales to P69.3 billion.
Net earnings of hard liquor unit Ginebra San Miguel skyrocketed to P238 million from only P9 million a year ago. Income from operations jumped by 65 percent to P654 million.
Food unit San Miguel Pure Foods posted a net income of P3.75 billion, up 29 percent year on year.
Power and infrastructure businesses delivered a solid performance with SMC Global Power logging a 320 percent jump in net earnings to P5.74 billion and San Miguel Holdings, which manages the group’s infrastructure business, booking a 14 percent hike in sales to P14.67 billion.