RISING demand for the past nine months has fueled a 26.5% core profit rise for San Miguel Corp. (SMC) to P43.5 billion from P34.4 billion last year, the diversified conglomerate said on Monday.
“The continuing increase in demand for our products and services has been very encouraging despite the challenging business environment,” SMC President and Chief Executive Officer Ramon S. Ang said in a press release.
San Miguel Brewery, Inc. posted a net income of P16.2 billion, higher by 15% than that of last year. Its consolidated revenues reached P99 billion, a 21% increase over last year. SMC Global Power Holdings Corp.’s operating income declined by 28% to P20.5 billion despite recording a 77% increase in consolidated revenues to P166.1 billion, which “was supported by volume growth and increase in average bilateral rates.”
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