DIVERSIFIED conglomerate San Miguel Corp. (SMC) on Thursday reported netting P8.9 billion in January to March, down 50 percent from P17.7 billion previously, mainly due to foreign exchange (FX) losses.
DIVERSIFIED conglomerate San Miguel Corp. on Thursday reported netting P8.9 billion in January to March, down 50 percent from P17.7 billion previously, mainly due to foreign exchange losses.Before accounting for FX adjustments, earnings expanded 61 percent to P14.5 billion, despite some global economic challenges.Consolidated revenues, meanwhile, grew 13 percent to P392.7 billion from P346.
Sales for the food business inched up 2 percent to P43 billion on the back of increased volumes across most segments, while those for spirits improved by 17 percent on higher volumes and prices.Power unit San Miguel Global Power Holdings Corp.'s net income was lower at P1.5 billion following an FX loss of P1.4 billion, but its revenues increased 7 percent to P44.1 billion.For the fuel and oil business, Petron Corp. delivered a 16-percent improvement in earnings to P3.
Miguel Profit Drops 50% Forex Losses Tagged
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