Listed San Miguel Corp. saw its first-quarter net income drop by 91 percent to P1.1 billion from P12.8 billion year-on-year due to the coronavirus disease 2019 (Covid-19) pandemic. Another San Miguel unit, the San Miguel Packaging Group, saw its first-quarter performance also impacted by the ECQ. San Miguel primarily attributed this to the deferment of the start of supply agreements and contract extensions. San Miguel explained that Petron’s demand for fuel was low in the period, as mass transport was restricted during the ECQ. San Miguel shares increased by 10 centavos or 0.10 percent to close at P96 apiece on Friday.

Source: Manila Times May 29, 2020 16:52 UTC