SMC posts P13.8B net income in Q1

San Miguel Corp. (SMC) posted a net income of P13.8 billion in the first quarter of the year, up 2 percent from P13.5 billion a year earlier, supported by growth across its fuel and oil and infrastructure concerns and core food, beverage and packaging businesses.

Revenue grew by 23 percent growth to P195.8 billion year-on-year, the diversified conglomerate told regulators on Thursday.

Consolidated operating income was up 21 percent at P27.5 billion. Excluding the effects of foreign exchange, the company said net income rose by 62 percent at P14.8 billion.

Earnings before interests, taxes, depreciation and amortization amounted to P35.5 billion, up 13 percent.

San Miguel Brewery Inc. registered a net income of P4.5 billion, up 12 percent from P4 billion. Consolidated revenue was up 9 percent at P25.4 billion from P23.3 billion.

Ginebra San Miguel Inc.'s revenue stood at P5.1 billion, up 31 percent from P3.9 billion. Operating income reached P303 million, up 61 percent P188 million.

San Miguel Purefoods booked a net income of P1.5 billion, up 20 percent from P1.2 billion.

San Miguel Yamamura Packaging Group delivered P6.8 billion of revenue, up 5 percent.

SMC Global Power posted a 3 percent decline in revenue at P19.4 billion on lower volumes due to the annual maintenance shutdown of the Ilijan Power Plant and Malampaya natural gas facility.

Petron Corp. recorded a net income of P5.6 billion, up 100 percent from P2.8 billion.

SMC’s infrastructure business delivered a consolidated revenue of P5.3 billion, up 14 percent, and an operating income of P2.6 billion, up and 6 percent. — Ted Cordero/VDS, GMA News