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Tuesday, June 10, 2014

San Miguel sees revenue share of new businesses hitting 76 pct this year

San Miguel Corp (SMC) expects its new businesses to grow by at least a fifth this year, boosting their revenue contribution to the diversified conglomerate.

On the sidelines of the firm’s stockholders meeting, SMC president Ramon S. Ang told reporters that the refinery upgrade of Petron Corp and the consolidation of the Southern Tagalog Arterial Road (STAR) will give a lift to revenue.

Last year, new businesses accounted for 72 percent of revenue and climbed seven percent to P750 billion.

"Because of the faster growth of the new businesses, their share may reach 76 percent," Ang said.

San Miguel’s food, beverage and packaging business will grow by 5-10 percent this year after expanding by 2 percent in 2013 as volumes recover from intense competition and higher excise taxes.

San Miguel has been trimming its stake in its traditional businesses of food, beverage and packaging since 2007 to support its diversification into high-growth sectors of infrastructure, power, oil retailing, telecommunications and mining.

It recently entered the airline business through the acquisition of a 49 percent stake in Philippine Airlines (PAL).

- Interaksyon

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