Hefty double-digit income gains in fuel processing and distribution, power generation and beer boosted San Miguel Corp.’s net income by 112 percent to P42 billion, the congolomerate’s nine-month operating results showed on Friday.
SMC said its various businesses generated consolidated net sales of P393.44 billion, a 143 percent jump from P161.82 billion.
It also disclosed earnings per share of P3.23 from P3.61 EPS in 2010.
The P41.951 billion income from operations after deducting costs and expenses became net income of P11.947 billion, which is 6 percent lower than the P12.696 billion posted in the first nine months of last year.
Business units' results
San Miguel Global Power (SMGP) churned out P10.986 billion in income from operations from a 45 percent increase in net power generation that produced net sales of P53.53 billion. There were no net income figures reported for SMGP.
Petron Corp. drew in net revenues of P202 billion from 17 percent volume “increase in exports and sales of higher-margin petrochemicals." Petron’s net income expanded by 42 percent to P7.6 billion, which was 3.75 percent of net sales.
San Miguel characterized as “soft demand" Ginebra San Miguel’s 145 percent plunge in income from operations. GSM also absorbed a 31 percent drop in net sales and 34 percent fall in sales volume.
San Miguel Food Group’s net sales increased by 11 percent to P64.286 billion while its income from operations inched up by 2 percent.
San Miguel Yamamura Packaging had P1.575 billion in income from operations.
There were no numbers presented for the gin maker Ginebra San Miguel and the food processor in the presentation materials of the third quarter results. — ELR/VS,
