San Miguel Returns to Profit as Covid Restrictions Ease
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San Miguel Corp. returned to profit in the third quarter, with sales at its oil, food and beer units improving as movement restrictions in the Philippines ease.
The nation’s largest company posted a net income of 15 billion pesos ($310 million) in three months to September, a turnaround from the 4 billion-peso loss in the first half of the year, it said in a statement. Profit in the January to September period was 10.75 billion pesos, down 73% from a year ago, as revenue fell 30% to 531.1 billion pesos.
Philippine Inflation Accelerates in October on Food, Drinks
Unit Petron Corp., the nation’s biggest oil company and its only remaining refiner, posted a third-quarter net income of 1.63 billion pesos as retail volume improved and crude prices stabilized. SMC Global Power Holdings Corp.’s nine-month profit rose 27% from a year ago to 14.5 billion pesos even as revenue declined 16%.
“The country has proven its adaptability and resilience in these trying times,” San Miguel President Ramon Ang said. Third-quarter sales at most units, including its food and beverage ventures, improved from the second quarter although down from last year, the company said.
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