San Miguel Corporation (PSE:SMC) Posts Better Results in Three Quarters


PHILIPPINES – San Miguel Corporation (PSE:SMC)’s consolidated operating income grew 23 percent to Php58.1 billion in the first nine months of the year on higher revenues from its infrastructure unit and core food, beverage and packaging businesses.

In a disclosure to the Philippine Stock Exchange, San Miguel Corporation said its consolidated net income grew 7 percent to Php26.8 billion without the effects of mostly unrealized forex losses.

However, September year-to-date revenues declined 15 percent to Php504.5 billion in the face of falling oil prices and lower generation volumes from scheduled maintenance shutdown of Malampaya facilities, Ilijan and Sual power plants.

Consolidated EBITDA increased 15 percent o Php77.5 billion

San Miguel Brewery Inc’s consolidated sales revenue rose 4 percent to Php58.8 billion, on the back of sustained growth in its domestic operations.

Operating income of the beer unit grew 3 percent to Php15.7 billion while net income grew 6 percent to Php10 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 an branded value-added businesses.

September year-to-date operating income was up 4 percent to Php4.5 billion while net income grew 7 percent over the same period last year to Php2.9 billion, boosted by an 11 percent growth in Q3.

Ginebra San Miguel Inc remained on the growth track, with revenues posting 8 perceng growth to Php11.5 billion while operating income reached Php396 million, a 218 percent improvement from last year.

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

Operating income rose 8 percent to Php1.7 billion on account of improved productivity and effective management of fixed costs.

SMC Global Power offtake volumes declined 5 percent to 12,345GWh 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.

Consolidated revenues for the power generation unit was at Php59 billion while operating income ended at Php19.3 billion for the period.

Petro Corporation’s consolidated net income for the first nine months amounted to Php5.1 billion, 58 percent higher than last year’s Php3.2 billion.

Both domestic and Malaysian operations delivered strong volumes with a 14 percent improvement in consolidated sales volume to 73.6 million barrels.

The lower crude prices brought consolidated revenues to Php278.3 billion, 27 percent lower than in the same period last year. Higher margins, however, resulted in consolidated operating income, nearly doubling to Php13.7 billion from last year.

San Miguel Holdings Corp delivered Php9 billion in revenues and Php5.1 billion in operating income following the consolidation of the Skyway 1 and 2 and the SLEX in March 2015.

The company said that ongoing projects such as the NAIA Expressway and Skyway Stage 3 are set for completion in 2016 and 2017, respectively. Meanwhile, completion of the 1,900 x 45 meters runway of the Boracay Airport, capable of handling A321 and B737-900ER aircraft, is expected by year-end. –