First quarter net earnings of diversified conglomerate San Miguel Corporation declined by nearly half on foreign exchange losses.
In an e-mailed statement Monday, San Miguel said net income attributable to equity holders of the parent company was at P2.2 billion, down 49 percent from P4.2 billion a year earlier.
The company said it incurred P1.8 billion in foreign exchange losses, "a stark contrast from the P1 billion forex gains the company reported in the same period last year."
Without the forex losses, San Miguel would have registered a net income of P4 billion, up 23 percent.
Revenues rose 9 percent to P195 billion from P178.3 billion in the comparable period mainly due to the robust growth of the fuel and power units, as well improved contributions from core businesses.
Petron Corp.'s consolidated sales from of Philippine and Malaysian operations rose 12 percent to P125 billion.
Power unit SMC Global Power Holdings Corp. saw a 14 percent jump in revenues to P20 billion.
Beer unit San Miguel Brewery Inc. posted a slight uptick in revenues to P17.6 billion from P17.5 billion on improved volumes in February and March.
San Miguel Pure Foods Company Inc. saw a 5 percent increase in sales to P24.2 billion from P23 billion.
San Miguel Yamamura Packaging Corp. improved revenues by 1 percent to P5.6 billion from 5.5 billion.
Better volumes pushed liquor unit Ginebra San Miguel Inc.'s revenues 21 percent higher to P3.6 billion from P3.1 billion.
- GMA News
In an e-mailed statement Monday, San Miguel said net income attributable to equity holders of the parent company was at P2.2 billion, down 49 percent from P4.2 billion a year earlier.
The company said it incurred P1.8 billion in foreign exchange losses, "a stark contrast from the P1 billion forex gains the company reported in the same period last year."
Without the forex losses, San Miguel would have registered a net income of P4 billion, up 23 percent.
Revenues rose 9 percent to P195 billion from P178.3 billion in the comparable period mainly due to the robust growth of the fuel and power units, as well improved contributions from core businesses.
Petron Corp.'s consolidated sales from of Philippine and Malaysian operations rose 12 percent to P125 billion.
Power unit SMC Global Power Holdings Corp. saw a 14 percent jump in revenues to P20 billion.
Beer unit San Miguel Brewery Inc. posted a slight uptick in revenues to P17.6 billion from P17.5 billion on improved volumes in February and March.
San Miguel Pure Foods Company Inc. saw a 5 percent increase in sales to P24.2 billion from P23 billion.
San Miguel Yamamura Packaging Corp. improved revenues by 1 percent to P5.6 billion from 5.5 billion.
Better volumes pushed liquor unit Ginebra San Miguel Inc.'s revenues 21 percent higher to P3.6 billion from P3.1 billion.
- GMA News
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