San Miguel Q1 net income surged 13% to P15.6 billion

CONGLOMERATE San Miguel Corp. said its net income surged 13 percent in the first three months of the year to P15.6 billion, from last year’s P13.82 billion, on strong performance of most of its units, with the exception of the food group that saw its income fall.

Net sales grew 20 percent to P243.34 billion over last year’s P195.72 billion.

Beer unit San Miguel Brewery Inc.’s consolidated volumes reached 65 million cases, 11 percent higher than last year.

“Strong volume growth was driven mainly by increased consumption nationwide, which was boosted by new marketing campaigns and the implementation of trade and consumer promos,” the company said.

Consolidated revenues grew 18 percent to P29.81 billion, from last year’s P25.36 billion.

Combined with contributions from its international operations, net income grew 26 percent to P5.67 billion from the previous P4.5 billion.

Liquor unit Ginebra San Miguel Inc. reported a 20-percent increase in sales volume for the first three months, as ongoing campaigns helped core brands Ginebra San Miguel and Vino Kulafu to continue to drive growth.

Revenues rose 24 percent to P6.35 billion, from last year’s P5.13 billion, as its net income surged to P255 million, almost double last year’s P129 million.

Income of San Miguel Pure Foods Co. Inc., now officially named San Miguel Food and Beverage Inc., fell 7 percent to P1.36 billion, from P1.46 billion last year, due to foreign-exchange losses caused by the peso depreciation against the US dollar, along with market-to-market losses from raw-material imports.

Without the foreign-exchange impact, net income for the period would have been at P1.5 billion.

San Miguel Yamamura Packaging Group’s total sales revenues rose 25 percent to P8.6 billion, on account of strong sales of glass, plastics, and flexibles and continuous growth in its Australia operations.

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