San Miguel Corp. reported an 18 -percent growth in profit to P23.3 billion from P19.75 billion in the same period last year driven by sustained performance improvements across beer, spirits, infrastructure, and packaging units and supported by contributions from its new acquisition, Eagle Cement.
Consolidated revenues fell 4 percent to P685.2 billion from P713.75 million as Petron Corp. continued to be affected by declining crude oil prices and San Miguel Global Power contended with lower volumes.
San Miguel Food and Beverage Inc. posted revenues of P184.6 billion, up 7 percen. Profit was at P1.7 billion.
San Miguel Global Power Holdings posted an off-take volumes of 10,685 Gwh, down 25 percent from last year following the termination of its 670-MW power supply agreement with Meralco. Profit was at P5.9 billion.
Petron posted a 12- percent increase in sales volume at 57.61 million barrels, though higher operating cost dragged profit by 20 percent to P6.14 billion.
The infrastructure business posted a 13 increase in volume in its tollways business to over 998,000 vehicles.
“As a result, consolidated revenues rose 23 percent to P16.6 billion and operating income reached P9 billion, up 50 percent from the same period last year,” San Miguel said.
San Miguel’s Cement businesses, composed of Eagle Cement Corp., Northern Cement Corp., and Southern Concrete Industries Inc. posted revenues of P20.2 billion, tripling from last year’s P6.9 billion.
