Diversified conglomerate San Miguel Corp. said net income in the first half surged 107 percent to P32.28 billion from P17.01 billion a year ago, on the strong performance of traditional businesses and one-time gain from the sale of its telecommunications business.
First-half net sales, however, dropped 1 percent to P328.1 billion from P334 billion, the company said in a disclosure to the stock exchange.
Income from operations jumped 19 percent in January to June to P48.75 billion from P41.09 billion a year earlier.
The sale of its telco business enabled San Miguel to book a one-time gain of P11.8 billion, representing mainly recovery of costs/losses, interest expenses and provisions incurred in previous years.
Beer unit San Miguel Brewery Inc. performed strongly during the period with consolidated revenues increasing 19 percent to P47.4 billion and operating income gaining 16 percent to P12.6 billion. Net income rose 20 percent to P8.3 billion.
Liquor unit Ginebra San Miguel Inc.’s domestic volumes reached 11.4 million cases, up by 12 percent from last year. Revenues increased 13 percent to P8.4 billion while net income rose to P138 million.
San Miguel Pure Foods Inc. also sustained its momentum in the first half as it reported consolidated revenues of P53.2 billion, or 5-percent higher than last year.
Meanwhile, San Miguel Packaging Group’s revenues rose 12 percent to P13.5 billion, driven mainly by its glass business and Australian operations, which posted double-digit growth. Operating income amounted to P1.33 billion, up 21 percent.
Oil unit Petron Corp. posted a consolidated net income of P5.3 billion in the first half, a 55-percent increase from the previous year. The company attributed the growth to a surge in sales volumes, aggressive network expansion, improved production and cost efficiencies and focused customer-centric campaigns.
Meanwhile, SMC Global Power’s consolidated off-take volume reached 9,264 gigawatt-hours in the first half, or 14 percent higher than 2015. As a result, consolidated revenues rose 2 percent to P41.1 billion.
Infrastructure unit San Miguel Holdings Corp. generated consolidated revenues of P9.78 billion, or 14 percent higher than last year. Operating income rose 9 percent to P5 billion.
San Miguel said construction of major infrastructure projects, including the Ninoy Aquino International Airport Expressway, Boracay Airport, Skyway Stage 3, Tarlac-Pangasinan-La Unio Expressway, South Luzon Expressway-TR4, Metro Rail Transit Line 7 and Bulacan Bulk Water Project remained on track.