SMC posts P55B recurring profit
Diversified conglomerate said recurring net income rose 11 percent to P55 billion on strong contributions from its oil refining business.
This excludes the effect of foreign exchange translations and a one-time gain from the sale of its telco business last year, SMC said in a statement.
Consolidated revenues rose 20 percent to P826 billion as sales across all its businesses continued to grow.
Operating income likewis went up 11 percent to P111 billion.
Leading the growth is subsidiary Petron Corp. which logged a 30 percent jump in earnings to P14.1 billion.
San Miguel Brewery Inc. saw its profit expand by 17 percent to P20.7 billion. Revenues likewise rose 17 percent to P113.3 billion as volumes sold increased by 13 percent to 260 million cases on strong marketing and integrated sales initiatives.
Ginebra San Miguel Inc. reported solid gains last year with profits surging 67 percent to P602 million amid the continued double digit growth of flagship bramd Ginebra San Miguel and Vino Kulafu.
San Miguel Pure Foods Co. also had another good year as earnings grew 16 percent to P6.9 billion.
The packaging segment under San Miguel Yamamura Packaging Group booked P32.1 billion in revenues, up 17 percent on steady grrowth of its Australian operations and higher sales from its glass, metal and plastics businesses.
SMC Global Power Holdings Corp. likewise posted a significant increase in profit to P8.2 billion as consolidated revenues rose six.percent to P82.8 billion.