Diversified conglomerate San Miguel Corp. on Monday reported that net income in 2010 reached P20.7 billion, sharply lower than in 2009 when a huge share sale boosted profits.
The company did not provide a comparative figure for 2009 although a previous filing with the Philippine Stock Exchange showed that it posted a net income of P57.8 billion a year ago.
Consolidated sales revenues jumped 41 percent to P246.1 billion on the back of improved volumes in food, beverage and packaging businesses and robust revenues from its power generation units.
Operating income grew 77 percent to P34.8 billion.
“Our traditional businesses have held their own. Each of our businesses stepped up to the plate and did what was expected of them,” said San Miguel chairman and chief executive Eduardo Cojuangco Jr. in a statement.
“We are still in the very early stages of our diversification strategy, but our energy business is pulling its share of the weight. In a year or so, energy could be a major contributor to SMC,” he added.
Beer volume of unit San Miguel Brewery Inc. reached 184 million cases, up 5 percent from a year ago, resulting in revenues of P55.8 billion, up 9 percent.
Volume of San Miguel Brewing International Ltd. reached 37 million cases, lower than last year’s due to difficult market conditions in its largest overseas beer market—China. SMBIL finished the year with consolidated sales revenue of $270 million.
The domestic liquor volume of hard liquor unit Ginebra San Miguel Inc. hit 39 million cases in 2010, up 7 percent from a year ago. Sales revenues improved 16 percent to P22.7 billion.
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