SMC’s 9-month profit hits Php 26.8B

By Leslie D. Venzon

MANILA, Nov. 10 (PNA) — Philippine conglomerate San Miguel Corp. (SMC) on Tuesday said its profit surged by seven percent to Php26.8 billion in first nine months of 2015, driven mainly by its beverage and food businesses.

Its January to September revenues, however, declined 15 percent to Php504.5 billion amid falling oil prices and lower generation volumes from scheduled maintenance shutdown of Malampaya facilities, Ilijan and Sual power plants.

Sustained growth in domestic operations boosted San Miguel Brewery Inc.’s consolidated sales revenues by 4 percent to Php58.8 billion.

San Miguel Pure Foods Company Inc. posted a 3-percent growth in consolidated revenues to Php76.6 billion, helped by the solid performance of its feeds and branded value-added businesses.

SMC said growth of Ginebra San Miguel Inc. remained on track, with revenues posting an 8-percent growth to Php11.5 billion.

Revenues of San Miguel Yamamura Packaging Group grew 5 percent to Php18.2 billion, buoyed by a 27-percent growth in its glass business and strong contributions from its Australian operations.

Consolidated revenues for the power generation unit was at Php 59 billion while operating income ended at Php 19.3 billion for the period.

Power generation unit SMC Global Power’s consolidated revenues declined to Php59 billion in the first three quarters of 2015 from Php65.52 billion last year.

Its offtake volumes dropped 5 percent to 12,345 gigawatt-hours (GWh) from 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.

The lower crude prices brought consolidated revenues of Petron Corp. to Php278.3 billion, 27 percent lower than in the same period last year.

San Miguel Holdings Corp. delivered Php9 billion in revenues and Php 5.1 billion in operating income following the consolidation of the Skyway 1 and 2 and the South Luzon Expressway in March 2015.

The company said ongoing projects such as the Ninoy Aquino International Airport Expressway and Skyway Stage 3 were set for completion in 2016 and 2017, respectively. (PNA)