PHILIPPINES - San Miguel Corporation (SMC)’s first quarter net profit for 2016 jumped 122% year-on-year to US$289.14 million (P13.5 billion), citing robust food, beverage and packaging businesses, as well as higher revenues from its power and infrastructure units.
The net profit includes equity attributed to minority interest.
SMC’s group-wide operating income rose by 38% to US$488.76 million (P22.82 billion) for the first quarter from the previous year.
The conglomerate’s packaging business posted a three-month operating income of US$12.79 million (P597 million), up 25%.
SMC’s beer unit San Miguel Brewery reported a 23% growth in first quarter net profit to US$85.67 million (P4 billion) while its hard liquor arm Ginebra San Miguel posted a 288% surge in net profit to US$1.15 million (P54 million).
Meanwhile, its food business San Miguel Purefoods Co Inc posted a 34% growth in first quarter net profit to US$26.13 million (P1.22 billion), driven by the performance of its feeds, poultry and branded value-added businesses.
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