Conglomerate San Miguel Corp. (SMC) said higher selling prices and volumes pushed sales higher in the first half of 2022 but profits were pressured by the weakening Philippine peso and pandemic tax adjustments. | miguelrcamusINQ /PDI
The food and beverage segment also sustained revenue and profit growth while the power subsidiary saw earnings drop due to the surge in fuel input costs.
“Despite this, and even with the lingering effects of the pandemic, we’re encouraged by the strong and increasing demand for our products and services, as evidenced by our higher volumes and revenues in the first half,” he said. “This shows that our country’s economic recovery and growth are gaining pace.”
The subsidiary’s consolidated operating income rose 15 percent to P26.6 billion while net income reached P18.8 billion, up 8 percent. For San Miguel Brewery alone, volumes in the first semester hit 108.2 million cases, higher by 11 percent year-on-year. This pushed up total revenues by 20 percent to P65 billion.ADVERTISEMENT
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