Conglomerate San Miguel Corp. said Thursday net income in the first nine-months of the year jumped 125 percent to P42.9 billion from P19.08 billion year-on-year, as all the core businesses posted double digit growth in terms of operating income.
The new businesses posted a strong performance with the power group registering an operating income growth of 18 percent, while that of Petron Corp. posting 23 percent and infrastructure’s operating toll roads climbing 7 percent.
Nine-month consolidated revenues declined 1 percent to P498.3 billion from P503.3 billion posted in the same period a year ago.
Income from operations increased 24 percent to P73.2 billion from P59.01 billion in 2015.
The conglomerate’s beer unit San Miguel Brewery Inc. booked a net income of P12.2 billion in the first three quarters of the year, up 22 percent from P9.9 billion, as sales climbed 18 percent, while Ginebra San Miguel’s profit surged to P238 million from just P9 million in 2015.
Food manufacturing unit San Miguel Pure Foods Co Inc. also delivered a net income of P3.75 billion, an increase of 29 percent from a year ago level, while power subsidiary San Miguel Global Power Holdings Inc. registered a net income of P5.7 billion, up 320 percent from 2015 level.
San Miguel, meanwhile, said its board of authorized the shelf registration of up to P60 billion worth of bonds to be issued over a period of three years.
The initial issuance will amount to P20 billion with or without oversubscription, San Miguel chief information officer Ferdinand Constantino said in a disclosure to the stock exchange.
San Miguel said it would file a registration statement and prospectus pertaining to the planned bond offering with the Securities and Exchange Commission.
It will also file a listing application with Philippine Dealing and Exchange for the issuance of the initial tranche.
“For these purposes, the board has authorized the engagement of the services of underwriters, advisors, legal counsels, stock and transfer agent, receiving agent/bank and other agents as may be necessary to effect the offering,” San Miguel said.
This will be the second shelf registration program of to be filed by San Miguel with the SEC.
Early this year, the SEC approved the San Miguel’s shelf registration of up to P80 billion worth of Series “2” Preferred Shares, involving 1.066 billion shares at a price of P75 per share.
San Miguel will issue the preferred shares over the a period of three years. It initially offered P30 billion worth of preferred shares, comprising 400 million shares.