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HomeNews2015 September YTD Press Release

2015 September YTD Press Release

November 10, 2015

San Miguel Corporation's consolidated operating income grew 23% to P58.1 billion in the first nine months on higher revenues from its infrastructure unit and core food, beverage and packaging businesses.

Consolidated net income grew 7% to P26.8 billion without effects of mostly unrealized forex losses. However, September year-to-date revenues declined 15% to P504.5 billion in the face of falling oil prices and lower generation volumes from scheduled maintenance shutdown of Malampaya facilities, Llijan and Sual power plants. Consolidated EBITDA increased 15% to P77.5 billion.


San Miguel Brewery Inc.'s consolidated sales revenues rose 4% to P58.8 billion, on the back of sustained growth in its domestic operations. Operating income of the beer unit grew 3% to P15.7 billion while net income grew 6% to P10 billion.


San Miguel Pure Foods Company Inc. posted a 3% growth in consolidated revenues to P76.6 billion, helped by the solid performance of its feeds and branded value-added businesses. September year-to-date operating income was up 4% to P4.5 billion. Net income grew 7% over the same period last year to P2.9 billion, boosted by an 11% growth in the third quarter.


Ginebra San Miguel Inc. remained on the growth track. Revenues posted an 8% growth to P11.5 billion while operating income reached P396 million, a 218% improvement from last year.


San Miguel Yamamura Packaging Group grew its revenues 5% to P18.2 billion, buoyed by a 27% growth in its glass business and strong contributions from its Australian operations. Operating income rose 8% to P1.7 billion on account of improved productivity and effective management of fixed costs.


SMC Global Power offtake volumes declined 5% to 12,345 GWh January to September due to lower bilateral volumes resulting from the scheduled maintenance outage of the Malampaya gas facilities and annual maintenance of the Ilijan and Sual power plants, coupled with gas supply restrictions at the Ilijan power plant.

Consolidated revenues for the power generation until was at P59 billion while operating income ended at P19.3 billion for the period.


Petron Corporation's consolidated net income for the first nine months amounted to P5.1 billion, 58% higher than last year's P3.2 billion.

Both domestic and Malaysian operations delivered strong volumes with a 14% improvement in consolidated sales volume to 73.6 million barrels. Domestic volumes jumped 22% to 46.6 million barrels vs 2014's 38.3 million barrels, supported by additional refined products from RMP-2, which has since ramped up production. The lower crude prices brought consolidated revenues to P278.3 billion, 27% lower than in the same period last year. Higher margins however resulted in consolidated operating income, nearly doubling to P13.7 billion from last year.


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 the SLEX in March 2015.

The company said that ongoing projects such as the NAIA Expressway and Skyway Stage 3 are set for completion in 2016 and 2017 respectively. Meanwhile, completion of the 1,900 x 45 meters runway of the Boracay Airport, capable of handling A321 and B737-900ER aircraft, is expected by year-end.

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