San Miguel Corp. has reported a reduced profit in the first quarter of the year at P13.93 billion compared to last year’s P17.17 billion, a 19 percent drop.
Revenues were at P316.8 billion, down 57 percent from P201.2 billion last year.
The decline was a result of lower income from the group’s food and beverage business, as well as in its power business.
Unit San Miguel Food and Beverage Inc. reported a consolidated profit of P9.15 billion, down 5 percent from P9.68 billion last year, despite a 9 percent increase in revenues at P83.1 billion compared to last year’s P76.4 billion.
The beer business under San Miguel Brewery Inc. (SMB) reported a profit of P4.94 billion, down 10 percent from P5.46 billion last year, over sales of P29.66 billion, up 3 percent from P28.85 billion last year.
The spirits business under Ginebra San Miguel reported profit of P1.4 billion, up 34 percent from P1.04 billion last year. Revenues were at P12.6 billion, up 11 percent from P11.3 billion in 2021.
The food business under San Miguel Foods (SMF) on the other hand reported profit of P3.04 billion, down 10 percent from P3.39 billion last year, as revenues reached P40.78 billion, up 13 percent from P36.18 billion last year.
The power business under SMC Global Power Holdings Corp. (SMCGP) posted profit of P1.93 billion, down P75 percent from P7.78 billion. Revenues were at P43 billion, up 57 percent from P27.4 billion, due to higher average realization prices for bilateral contracts with fuel pass-on charges, higher spot sales prices, and higher volumes from increased nominations from Meralco and other DUs and industrial customers.
