San Miguel Corp. posted profits of P10.75 billion nine months into the year, down 73 percent from P39.7 billion a year ago.
The company said in the third quarter alone, it posted a P15 billion profit, reversing the trend of the first six months’ P4 billion loss, as the economy transitioned to an eased movement restriction since July after the government’s strict quarantine measures implemented in March amid the coronavirus pandemic.
“The country has proven its adaptability and resilience in these trying times, and we, in San Miguel Corporation, will continue to deliver on our commitment to help the country build back better and stronger as we emerge from this pandemic,” Ramon Ang, San Miguel president, said.
Revenues fell by 30 percent to P531.1 billion from P758.63 billion last year. Earnings before interest, tax, depreciation and amortization dropped 32 percent to P83.8 billion from P123 billion a year ago.
The food business under San Miguel Food and Beverage Inc. reported profits of P14.36 billion, down 37 percent from P22.92 billion last year, while the power business under San Miguel Global Power Holdings Corp. grew profit by 27 percent to P14.48 billion from P11.38 billion last year.
The oil refining business posted a P12.61 billion loss, a reversal from the P3.62 billion profit last year. However, San Miguel said Petron Corp. bounced back in the third quarter with P1.63 billion in profit, mainly due to stabilizing world crude prices and government’s easing of the quarantine restrictions.
The infrastructure business’ operating income fell to P2.14 billion from P8.96 billion last year. San Miguel said its operating toll roads saw traffic volume improvements in the third quarter compared to the first semester, but the year-to-date volume is still down by 37 percent.
