San Miguel Corp. said Thursday it posted a net income of P15 billion in the third quarter, a turnaround from the P4-billion loss it incurred in the first two quarters following the easing of restrictions in July.
“The country has proven its adaptability and resilience in these trying times, and we, in San Miguel Corp., will continue to deliver on our commitment to help the country build back better and stronger as we emerge from this pandemic,” SMC president and chief operating officer Ramon Ang said in a statement.
The figure brought San Miguel’s profit in the first nine months to P10.75 billion, down 73 percent from P39.7 billion in the same period last year as net sales declined 30 percent to P531.1 billion from P758.6 billion.
San Miguel Food and Beverage booked a net income of P14.35 billion in the first three quarters, down 37 from the same period last year as net sales weakened 14 percent to P194.5 billion.
Net income from the brewery businesses fell 44 percent from January to September to P11.08 billion after sales volumes decreased 38 percent to 138 million cases.
Net profit from food business dropped 13 percent to P1.55 billion because of the prevailing weakness of poultry prices, slowdown in food service and retail operations and the effects of the African swine fever on commercial feeds.
Net income of liquor unit Ginebra San Miguel Inc. jumped 67 percent to P2.2 billion.
SMC Global Power Holdings Corp. recorded a 27-percent increase in nine-month net income to P14.5 billion even as net sales dipped 16 percent to P87.8 billion.
Petron Corp. booked a net loss of P12.6 billion from January to September this year, a reversal from P3.6-billion net income recorded in the same period last year.
The group’s infrastructure business posted a 42-drop in net sales to P10.8 billion while net sales from packaging business went down by 16 percent to P22.2 billion.
SMC Infrastructure continued to deliver on major commitments, completing the entire structure of the Skyway Stage 3 project, which now connects the South Luzon Expressway to the North Luzon Expressway.
The group also set Skyway’s soft-opening in December, with toll fees waived for an entire month.
