San Miguel profit up just 1% in 2019home/Business/Top Business/San Miguel profit up just 1% in 2019San Miguel Corp. (SMC) saw recurring profit grow by just 1 percent last year even as revenues breached the P1-trillion mark. San Miguel said growth had been tempered by sharp oil price drops during the fourth quarter, which resulted in inventory losses for its fuel and petrochemical businesses, and foreign exchange losses. SMFB’s beer unit San Miguel Brewery Inc. saw net income rise by 15 percent to P23.8 billion from P20.7 billion. Only San Miguel Pure Foods Inc. out of SMFB’ businesses posted a profit drop: P5.88 billion from P6.9 billion a year earlier despite a 13-percent increase in revenues to P132 billion. Packaging arm San Miguel Yamamura Packaging Corp., meanwhile, posted 2018 revenues of P37.3 billion, higher by 16 percent than the P32.1 billion registered in 2017.

Source: Manila Times March 14, 2019 16:41 UTC