San Miguel posts strong results for first 9 months
November 11, 2011
San Miguel Corporation posted strong results for the first nine months of the year, buoyed by significant contributions from its fuel and power businesses as well as steady growth in its traditional food and beverage businesses.
San Miguel’s September-year-to-date consolidated sales revenue reached P393.4 billion, a 143% jump from last year’s level. Consolidated operating income amounted to P42.0 billion, a 112% improvement. Recurring net income rose 41% to P11.6 billion with reported net income of P11.9 billion.
Petron Corporation posted revenues of P202 billion, 19% higher than in the same period last year. This was due largely to an increase in exports and sales of higher-margin petrochemicals, which grew by 17% in volume. Income from operations reached P13.1 billion, up 47%, while net income reached P7.6 billion, up 42%.
San Miguel’s core businesses also posted significant gains. San Miguel Brewery Inc.’s (SMBI) September-year-to-date revenue rose 7% to P52.1 billion as volume sales reached 165.8 million cases, a 3% improvement. Operating income rose 9% to P14.7 billion, owing to higher volumes, managed fixed costs, and big improvements in Beer international’s operations.
