Conglomerate San Miguel Corp. said it posted a net income of P26.1 billion in the first six months, down 26 percent from P35.3 billion it earned in the same period last year.
San Miguel said excluding one-off gain from the sale of its telecom business last year and foreign exchange effects, its recurring net income increased 21 percent to P27.6 billion from P22.83 billion a year ago.
Net sales in the first half jumped 20 percent to P393.4 billion from P329.1 billion in the same period in 2016. Income from operations also improved 10 percent to P53.44 billion.
San Miguel Brewery, its beer unit, posted a 14-percent growth in first-half net income to P9.3 billion, as net sales rose 12 percent to P53 billion. Ginebra San Miguel Inc. also saw its net income surge 92 percent to P265 million.
Petron Corp. posted a 56-percent hike in first-half net income to P8.2 billion, as net sales climbed 28 percent to P206.9 billion. SMC Global Power Holdings Corp. registered a 1-percent decline in net sales to P40.6 billion while income from operations dropped 15 percent to P13.3 billion.