By P.R. Venkat

Philippine conglomerate San Miguel Corp.'s first-quarter net profit plunged 90%, as its business units spanning from brewery to infrastructure were severely hurt by government restrictions to curb the spread of the Covid-19 pandemic.

Net profit for the quarter ended March was 1.09 billion Philippine pesos ($21.56 million), while revenue fell 15% to PHP214.07 billion, San Miguel said Friday.

While the first two months of the year had started on a strong footing, the adverse conditions caused by the Covid-19 pandemic had "grounded most economic activities," the company said.

San Miguel's brewery business took a major hit with the first-quarter net income falling 44% on year, while the food and beverage business was down 20%, it said.

"This is an unprecedented crisis we are in...like most big and small businesses in the Philippines, we are also affected," Ramon S. Ang, the company's president said.

San Miguel said it would focus on cost reduction and cash preservation. 



  Write to P.R. Venkat at venkat.pr@wsj.com