San Miguel Corp. said Monday consolidated revenues jumped 71 percent in the first nine months to P1.1 trillion and surpassed the pre-pandemic full-year 2019 revenues of P1.0 trillion.
Net income, however, fell 62 percent to P12.94 billion from P34.15 billion as the unrealized foreign exchange losses due to depreciation of the peso against the dollar offset the strong performance of core businesses.
Excluding forex losses, net income of San Miguel improved 26.3 percent to P43.46 billion from P34.4 billion in the same period last year as net sales surged to P1.1 trillion from P650.5 billion.
Consolidated income from operations went up 24 percent to P108.5 billion, driven by the strong performance of Petron Corp., food and beverages, packaging and infrastructure units.
San Miguel said it implemented cost initiatives to mitigate the impact of increasing raw material costs, elevated coal prices, inflation and forex movements.
“The continuing increase in demand for our products and services has been very encouraging despite the challenging businesses environment. This inspires us to continue with our efforts and to remain focused on achieving full recovery,” said San Miguel president and chief executive Ramon Ang.
San Miguel Food and Beverage Inc. posted nine-month consolidated revenues of P261.5 billion, an 18-percent increase over the same period last year. This was boosted by sustained strong volume growth and better selling prices across the beer, spirits and food divisions.
Petron’s net income went up 64 percent in the first nine months to P8.17 billion, while consolidated revenues jumped 116 percent to P631.1 billion from a year ago.
SMC Global Power Holdings Corp. registered a nine-month net loss of P2.6 billion, a turnaround from P13.7-billion net income in the same period last year despite a 77-percent increase in net sales.
SMC Infrastructure booked P20.6 billion in net sales, up 57 percent from a year ago on the back of higher traffic volume. Income from operations advanced by 134 percent to P10.1 billion.