Conglomerate San Miguel Corp. said Wednesday net income in the first quarter rose 2 percent to P13.82 billion from P13.53 billion in the same period last year, as the core businesses of beer, food manufacturing and oil refining delivered strong results.
The company said minus the impact of foreign exchange rate in the group’s earnings, net income surged 62 percent to P14.83 billion from P9.18 billion a year ago.
San Miguel said net sales in the first three months grew 23 percent P195.76 billion, while income from operations climbed 21 percent to P27.51billion.
San Miguel Brewery Inc. booked a net income of P4.5 billion, a 12-percent hike from a year ago as net sales went up 9 percent to P25.36 billion.
Ginebra San Miguel Inc. posted a net income of P129 million, a 138-percent improvement from P54-million profit booked in the same period last year. Net sales advanced 31 percent to P5.1 billion.
San Miguel Pure Foods Co Inc. recorded a 20-percent growth in first-quarter net income to P1.46 billion, as net sales inched up 3 percent to P26.66 billion.
Net income of Petron Corp., the country’s largest refiner and retailer, jumped 101 percent to P5.55 billion as net sales increased 38 percent to P106 billion. Volume went up 3 percent to P26.2 million barrels from last year’s 25.3 million barrels.
Meanwhile, the group’s packaging unit posted net sales of P6.8 billion, up 5 percent from a year ago while income from operations rose 6 percent to P632 million.
Power generation unit SMC Global Power Holdings Inc. delivered P19.35 billion in net revenues, down 3 percent from a year ago, on a 17-percent decline in income from operations on P6.04 billion.
SMC Infrastructure posted net sales of P5.3 billion, up 14 percent from P4.7 billion in 2016 while income from operations rose 6 percent to P2.56 billion.