The coronavirus pandemic slashed San Miguel Corp.’s net income by more than half to P21.9 billion last year, even if it rebounded in the second half. Despite the reduced year-on-year earnings, San Miguel President and Chief Operating Officer Ramon Ang said the company was “encouraged by the sustained recoveries” of its businesses in the second semester. Food-and-drink subsidiary San Miguel Food and Beverage Inc. saw its income dive by 31 percent to P22.4 billion from P32.3 billion in 2019. One of its units, San Miguel Brewery Inc., posted a P17.5-billion profit in 2020 on improved volumes. San Miguel shares added P2 or 1.65 percent to finish at P123 apiece on Friday.

Source: Manila Times March 12, 2021 16:18 UTC