San Miguel’s Profit Surges 15x as Oil, Food, Power Units Recover
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San Miguel Corp. said profit in the first quarter surged more than 15 times from a year ago as sales at its oil, food and power units continue to recover from the pandemic.
The Philippines’ largest company posted a net income of 17.2 billion pesos ($359 million) in the three months ended March, compared to 1.1 billion pesos a year ago, it said in a statement. Revenue declined 6% to 201.2 billion pesos versus a 15% drop a year ago, while operating income increased 175% due to lower raw material costs.
“We’re encouraged by these improvements, as they reflect that our businesses are definitely headed towards full recovery,” San Miguel President Ramon Ang said.
Swings to Profit, to Resume Refining in June
- Unit SMC Global Power Holdings Corp., the nation’s largest electricity generator, saw profit rise 141% to 7.78 billion pesos
- SMC Infrastructure’s operating income declined 33% from a year ago to 1.2 billion pesos
Earlier: San Miguel 1Q Net Income 17.17B Pesos
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