Conglomerate San Miguel Corp. said net income excluding unrealized foreign exchange losses rose seven percent to P26.8 billion in the first three quarters of the year from P25 billion year-on-year.
San Miguel said in a disclosure to the stock exchange year-to-date revenues declined 15 percent to P504.5 billion amid falling oil prices and lower generation volumes from the scheduled maintenance shutdown of the Malampaya gas field and the Ilijan and Sual power plants.
Consolidated operating income grew 23 percent to P58.1 billion in the first nine months on higher revenues from its infrastructure unit and core food, beverage and packaging businesses.
San Miguel Brewery Inc.’s net income climbed six percent to P9.96 billion from P9.42 billion, as consolidated sales revenues rose to P68.8 billion on the back of sustained growth in its domestic operations.
San Miguel Pure Foods Company Inc. posted a three percent increase in net sale set income from January to September to P76.6 billion, while net income climbed seven percent to P2.9 billion.
Liquor unit Ginebra San Miguel Inc. posted a net income of P9 million in the first nine months of the year, a reversal from the P281-million in the same period a year ago.
Ginebra’s net sales rose eight percent to P11.48 billion while income from operations surged 218 percent to P396 million.
Revenues of San Miguel Yamamura Packaging Group rose 5 percent to P18.2 billion, buoyed by a 27 percent growth in the glass business and strong contributions from its Australian operations. Operating income increased 8 percent to P1.7 billion on improved productivity and effective management of fixed costs.
SMC Global Power’s net sales fell 10 percent to P59 billion as off-take volumes declined 5 percent due to lower bilateral volumes resulting from the scheduled maintenance outage of the Malampaya gas facilities and the annual maintenance of the Ilijan and Sual power plants, coupled with gas supply restrictions at the Ilijan power plant.
Infrastructure unit San Miguel Holdings Corp. delivered P9 billion in revenues and P5.1 billion in operating income following the consolidation of the Skyway 1 and 2 and the SLEX in March 2015.
The company said ongoing projects such as the NAIA Expressway and Skyway Stage 3 are set for completion in 2016 and 2017, respectively.
Meanwhile, completion of the runway of the Boracay Airport, which is capable of handling A321 and B737-900ER aircraft, is expected by the end of the year.