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SMC turns around in Q3

Republika

San Miguel Corporation (SMC) posted a net income of P15 billion for the third quarter this year, a full turnaround from the P4-billion loss during the first half, 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 chief operating officer Ramon Ang said in a statement Thursday.


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


San Miguel Food and Beverage, Inc.’s September year-to-date SMFB’s consolidated net income ended at PHP14.4 billion, lower by 37 percent.


The operating income of San Miguel Brewery, Inc. (SMB) amounted to PHP14.8 billion, which is 47 percent lower than the previous year.


The net income of Ginebra San Miguel Inc. further grew by 67 percent to P2.2 billion.

Photo by PNA


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