San Miguel Corp. said profit last year reached P48.57 billion, relatively flat compared with the P48.65 billion posted the prior year.
Revenues amounted to P1.02 trillion, also flat from the prior year’s P1.02 trillion.
“Consolidated operating income, however, ended slightly lower at P115.7 billion, due to a challenging operating environment faced by Petron and San Miguel Foods,” the company said.
Earnings before interest, tax, depreciation and amortization stood at P162.4 billion, 3 percent up from the prior year’s P157.89 billion.
The food business under San Miguel Food and Beverage Inc. posted profits of P32.3 billion, up 6 percent.
Revenues grew 9 percent to P310.8 billion boosted by strong volumes of beer and spirits, up by 6 percent and 14 percent, respectively, along with better selling prices across its businesses.
“Consolidated operating income grew 4 percent at P47.8 billion, mainly due to the beer and spirits businesses’ continuing strong performance, partly offset by the slowdown in the food business due to the effect of lower poultry prices during the first half of the year, the impact of African Swine Flu on hogs costs, coupled with start-up expenses for its new facilities,” the company said.
The power business grew profits by 73 percent to P14.4 billion, as unit SMC Global Power Holdings Corp. ended the year with consolidated off-take volume up 18 percent to 28,112 gigawatt-hours.
“This was the result of higher bilateral sales volumes and longer operating hours for the Sual and Ilijan power plants. The full year operation of Unit 2 of the Malita, Davao plant and Unit 3 of the Limay plant, along with added capacity from Unit 4 of Limay, also boosted the power unit’s performance,” the company said.
Power revenues rose 12 percent to P135.1 billion.
The fuels, oils and petrochemicals business under Petron Corp. saw profit hit P2.3 billion, out of revenues of P514.4 billion.
“Petron faced many challenges throughout the year: volatile international prices that resulted to significantly weaker margins, a major shutdown of its Bataan Refinery due to an earthquake, the implementation of the second tranche of the excise tax increase, and the continued proliferation of white stations,” the company said.
Petron Malaysia’s domestic volumes grew 3 percent, helping offset the decline in domestic volumes.
The infrastructure business saw SMC Infrastructure’s operating toll roads post a combined 5 percent growth in vehicular traffic volume compared to the same period last year.
