San Miguel Corp. reported profits of P39.7 billion in the first nine months of the year, down 5 percent from last year’s P41.9 billion.
Revenues amounted to P758.63 billion, flat compared to last year’s P761.17 billion.
“Higher volumes from beer, spirits, power, and infrastructure units continue to drive growth,” the company said.
San Miguel’s fuel unit Petron Corp. was still weighed down by volatile global crude oil prices and weak refining margins, while San Miguel Foods faced headwinds from rising raw material costs.
Profit and earnings before interest, tax, depreciation and amortization amounted to P39.7 and P123 billion, respectively.
The food and beverage business under San Miguel Food and Beverage Inc. posted revenues of P226.4 billion, driven by strong revenue growth across the business segments, wherein beer grew 11 percent, spirits by 20 percent and food, 6 percent.
The power business under San Miguel Global Power Holdings Corp. grew its revenues by 18 percent to P105.1 billion from P89.1 billion last year.
The operation posted a consolidated off-take volume of 21,581 gigawatt-hours, up 22 percent, driven by higher bilateral sales volumes and improved operations at the Sual, Ilijan and San Roque power plants, as well as the full nine-month operation of the Masinloc power plant.
The petrochemical business under Petron registered revenues of P381.7 billion, down 9 percent, as it continued to reel from volatile movements in global crude oil prices, weak refining margins and a slowdown in demand. This was however partially mitigated by volume increases in Petron’s Malaysia operations.
San Miguel said while overall domestic volumes continued to decline, Petron’s retail volumes within the freeport zones, where all stations enjoy the same tax benefits, grew by 14 percent. In particular, retail volumes inside Clark Freeport Zone jumped 54 percent versus last year.
The infrastructure business posted a combined 6 percent growth in vehicular traffic volume in the tollways operation. Consolidated revenues reached P17.8 billion, while operating income amounted to P9 billion.