Conglomerate San Miguel Corp. said Thursday net income declined 5 percent in the first half to P26.15 billion from P27.58 billion a year ago, dragged down by the weak performance of petroleum and food businesses.
SMC said in a statement first-half net sales rose 2 percent in the six-month period to P509.4 billion from P499 billion in the same period last year. Income from operations went down by 14 percent to P57.6 billion.
San Miguel Food and Beverage Inc. registered a 5-percent decline in net income to P14.7 billion while San Miguel Brewery booked a 12-percent growth in profit to P13.25 billion. Ginebra San Miguel Inc. reported a 94-percent increase in net income to P980 million.
San Miguel Purefoods Inc. posted an 85-percent drop in first-half net income to P447 million on the rising cost of raw materials.