By Ben Otto
Philippine conglomerate San Miguel Corp.'s profit and revenue both jumped in the first half as all of its major business lines staged recoveries from the pandemic-induced downturn a year ago.
San Miguel posted profit of 29.57 billion Philippine pesos ($587.7 million), the company said late Thursday, marking a turnaround from its PHP3.99 billion loss a year ago when the company was hit by pandemic disruptions. The result was also higher than the company's profit of PHP26.15 billion in the first half of 2019, before the pandemic broke out.
Consolidated revenue rose 16% to PHP410.12 billion, while operating income more than quadrupled to PHP61.02 billion on improved margins and cost controls.
Sales volumes at Petron Corp., the biggest contributor to consolidated revenue, were down 7% due partly to lower commercial fuel consumption in the aviation industry, but higher prices pushed net sales up 14% to PHP174.13 billion. Net sales at San Miguel Food & Beverage Inc. rose 20% to PHP146.79 billion.
Going forward, there is "no doubt that the uncertainties brought about by the pandemic will continue to have an impact on our businesses," San Miguel president Ramon S. Ang said.
The company plans to reach herd immunity among the workers at all of its facilities via its vaccination drive.
Write to Ben Otto at firstname.lastname@example.org
(END) Dow Jones Newswires