Power, infra projects fuel SMC Q1 profit to P13.5B

Diversified Asian conglomerate San Miguel Corp. (SMC) reported that its first-quarter profit soared more than twofold to P13.5 billion, driven by its core food, beverage and packaging businesses. 

Consolidated operating income went up by 38 percent to P22.8 billion, also on higher revenues from its power and infrastructure units. The company said it also benefited from improved operating efficiency that boosted margins for Petron Corp. amidst the slump in oil prices.

Net income of San Miguel Brewery Inc. rose 23 percent to P4 billion after posting robust top-line and earnings growth, due to higher demand for its products, better performance of its international operations, and successful activation of its various brands.

SMC said operating income of Ginebra San Miguel Inc. doubled to P188 million. San Miguel Pure Foods Co. Inc. posted a 34-percent growth in profit in the first quarter to P1.2 billion.

San Miguel Packaging Group continued to book record performance from its glass business and Australian operations resulting in 25-percent growth in operating income to P597 million.

SMC Global Power Holdings Corp.’s operating income rose seven percent to P7.3 billion.

Petron Corp. weathered the prolonged slump in oil prices, as it reported better first quarter results both from its Philippine and Malaysian operations.

Net income zoomed to P2.8 billion, 10 times higher from last year’s result.

SMC’s infrastructure unit’s revenue and operating income grew 16 percent to P4.7 billion and P2.4 billion, respectively.

Ongoing SMC projects include: the Ninoy Aquino International Airport (Naia)Expressway, which is expected to complete a significant portion by end-June; Skyway Stage 3; the Tarlac-Pangasinan-La Union Expressway (TPLEx) Phase 3, South Luzon Expressway Toll Road 4 (SLEx TR4); the Bulacan Bulk Water Project; and Mass Rail Transit-7 which, following its groundbreaking on April 20, will start construction soon.