SMC Q1 income up 19% to P8.5 billion

Following a strong 2011 performance, diversified conglomerate San Miguel Corporation (SMC) reported robust first quarter results for the year, on the back of solid contributions from all its business units.

San Miguel reported first quarter consolidated sales revenues of P142.0 billion, a 12% improvement from year-ago level, with majority of its businesses posting strong revenue growth as a result of higher volumes and better selling prices.

Consolidated net income attributable to equity holders amounted to P8.5 billion, 19% higher than in 2011. Consolidated net income before non-controlling interest, meanwhile, amounted to P11.7 billion, up 17% from the same period last year.

Operating income was at P14.8 billion while consolidated recurring EBITDA grew 6% to P21.6 billion.

San Miguel Brewery Inc.’s consolidated revenues, meanwhile, reached P18.3 billion, up 5% from the previous year.

Overseas volumes also improved, growing by 9%, with Indonesia, Hong Kong, and Thailand posting good numbers and China showing much improvement.