|
FOOD and
beverage giant San Miguel Corp. (SMC) reported a
199-percent jump in its net profit from January to June
this year to P19.7 billion.
In a
report to the stock exchange, the listed firm said the
results included a P5.67-billion gain from the
discontinued operations of J. Boag and Sons, which it
sold late last year, and nonrecurring gains from the
public offering of San Miguel Brewery Inc. and the sale
of its ownership in KSA Realty.
Consolidated revenues for the first half also rose 9
percent from P73.4 billion to P79.8 billion as a
majority of its businesses led by its beer subsidiary,
registered steady volume and strong sales.
“Faced
with challenging economic conditions affecting consumer
spending behavior and escalating input costs, we’re
particularly encouraged by these results,” said
president Ramon Ang.
The
growth was achieved across almost all of SMC’s reporting
segments, he added.
For
instance, sales of San Miguel Brewery Inc. rose 7
percent, while revenues of P23.8 billion were 9-percent
higher than last year. Operating income for the first
semester reached P7.16 billion, a 25-percent increase
from the previous year.
SMC’s
international beer operations, on the other hand,
finished the first half with overall volumes growing 4
percent and revenues of $136 million, up 30 percent.
Volumes were strongest in Indonesia and Thailand and in
San Miguel Brewing International, Ltd.’s export
business.
Hard
liquor unit Ginebra San Miguel, meanwhile, posted a
16-percent growth in volume driven by strong sales of
gin and brandy products.
Despite
unprecedented commodity and fuel price increases, SMC’s
Food Group under San Miguel Pure Foods Co., delivered
consolidated revenue of P33.7 billion, 16 percent higher
than last year.
Feeds
and poultry also showed solid performances and coffee
turned in better margins.
San
Miguel Yamamura Packaging Group posted operating income
of P758 million, a 156-percent rise from previous year.
Total revenue for the first semester rose 8 percent to
P10.1 billion on the back of stronger sales of plastics
and glass.
Earlier,
the SMC shareholders approved the plan of the food and
beverage giant to implement a corporate restructuring
program that will allow divestment in ownership in major
businesses although keeping the majority stake.
The
program will involve initial public offering, secondary
sale of shares, and strategic partnerships.
But said
details are still being studied. Previously, he said SMC
has plans of taking its packaging business public and
selling secondary shares of its food operations once
everything is consolidated under San Miguel Purefoods.
|
