SAN Miguel Corp. (SMC) saw its net income slightly decline to P48.57 billion last year due to the weaker performance of its fuel and food units. Net sales were flat at P1.02 trillion, while income from operations dipped by 1 percent to P115.72 billion. The fuel arm’s net sales declined by 8 percent to P514.36 billion while income from operations shed 14 percent to P16.20 billion. For San Miguel Food and Beverage Inc., however, its net income climbed by 6 percent to P32.28 billion in 2019 from P30.53 billion year-on-year on the back of robust beer business. The said segment spiked 14 percent to P27.29 billion in net income due to increasing domestic beer volumes.

Source: Manila Times March 12, 2020 18:33 UTC