SMC food subsidiary reports P7.34-b profit

San Miguel Food and Beverage Inc. said Wednesday net income reached P7.34 billion in the first half, as the positive performance of the food and spirits businesses was tempered by weak earnings from beer business.

SMFB did not release comparative figures for last year’s first semester net profit. It earlier reported a P14.7-billion income, which translates into a 50-percent year-on-year decline.

SMFB said in a statement consolidated revenues in the first six months reached P122.82 billion, down 19 percent year-on-year as the full impact of the coronavirus pandemic weighed on volume performance in the second quarter, especially for its beer and spirits division.

“As the pandemic continues to affect our everyday lives, we keep in mind that this is only temporary. We remain steadfast in our commitment to ensure food sufficiency and help and provide opportunities to the most vulnerable communities,” said San Miguel president and chief operating officer Ramon Ang said.

“We continue to build long-term resilience across SMFB. At the same time, we are mindful of the changes necessary to help us navigate through the crisis in the short-term. All told, we believe that SMFB is in a position to emerge stronger and better than it was before,” Ang said.

Topics: San Miguel Food and Beverage Inc. , net income
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