Conglomerate San Miguel Corp. said Thursday net income rose 13 percent in the first quarter to P15.6 billion from P13.82 billion in the same period last year, boosted by the strong performance of liquor and oil businesses.
Recurring net income, which excludes one-off items, grew 31 percent in January to March to P19.36 billion from P14.83 billion a year ago.
First-quarter net sales climbed 20 percent to P234.3 billion from P195.7 billion, while income from operations advanced 19 percent to P32.68 billion.
San Miguel Brewery Inc. posted a net income of P5.67 billion in the first three months, up 26 percent from P4.5 billion a year earlier, while Ginebra San Miguel nearly doubled its net income to P255 million from P129 million.
San Miguel Foods and Beverage Inc. saw its net income decline 7 percent to P1.36 billion from P1.46 billion on foreign exchange losses caused by the peso depreciation against the US dollar along with mark-to-market losses from raw material imports.
It said that without the foreign exchange impact, net income for the period would have been P1.5 billion.
Net sales of the food unit improved 12 percent to P29.8 billion while income from operations rose 4 percent to P2.1 billion.
Petron Corp. reported a net income of P5.78 billion in the first quarter of the year, up 4 percent from a year ago as net sales climbed 21 percent to P129.1 billion on volume of 26,558 barrels.
The group’s packaging business posted net revenues of P8.5 billion in January to March this year, up 25 percent from same period last year.
Power generation unit SMC Global Power Holdings Corp. booked net sales of P24.6 billion, an increase of 27 percent, while SMC Infrastructure registered net revenues of P5.88 billion, up 11 percent year-on-year.
