San Miguel Corp Bounces Back from Covid-19, Posts P15bn Q3 Profit

San Miguel Corporation

Philippine-listed San Miguel Corporation posted a net income of P15 billion for the third quarter of 2020, a full turnaround from the P4 billion loss during the first half of the year, following the easing of restrictions starting July.

“The country has proven its adaptability and resilience in these trying times, and we, in San Miguel Corporation, will continue to deliver on our commitment to help the country build back better and stronger as we emerge from this pandemic,” SMC president and COO Ramon S. Ang said.

Consolidated revenues and operating income of P531.1 billion and P41.5 billion for the period ended September, however, remained lower at 30 per cent and 53 per cent, compared to the previous year, mainly due to the huge impact of the pandemic especially in the second quarter.

EBITDA ended at P83.8 billion, 32 per cent lower than 2019 while net income registered P10.7 billion, reversing the first half loss of P4 billion.

San Miguel Food and Beverage Inc’s September year-to-date consolidated revenues amounted to P194.6 billion, 14 per cent lower than in the same period in 2019, but an improvement from the first half results.

Beer and Spirits volumes continued to improve, while San Miguel Food’s Prepared and Packaged Food segment registered sustained growth.

SMFB’s consolidated operating income and net income ended at P20.5 billion and P14.4 billion, both lowered by 39 per cent and 37 per cent, respectively. – BusinessNewsAsia.com