San Miguel says forex losses dent Q1 earnings


Posted at May 12 2014 07:55 PM | Updated as of May 13 2014 02:55 PM

MANILA - San Miguel Corp, the Philippines' most diversified conglomerate, said on Monday it posted first-quarter net income of P2.2 billion ($50 million) after booking foreign exchange losses.

The company did not provide a comparative net income figure but it said, without the forex losses, net income for the period would have risen 23 percent from a year ago to P4 billion.

Last year, it reported a net income of P4.2 billion in the January to March period.

San Miguel said in a statement the strong U.S. dollar against the pesos resulted in forex losses of about P1.8 billion in the first quarter, reversing a forex gain of P1 billion in the same period last year.

Consolidated revenue grew 9 percent to P195 billion, San Miguel said in statement, with oil refiner Petron Corp and unlisted SMC Global Power Holdings Corp delivering strong contributions.

San Miguel, currently valued at about $4.4 billion, has aggressively expanded over the last six years into power, airlines, mining, telecoms, oil refining and distribution, and infrastructure, while maintaining its status as the country's dominant food and beverage firm.

It also owns controlling stakes in San Miguel Pure Foods Co Inc PF.PS, unlisted San Miguel Brewery Inc and has management control of flag carrier Philippine Airlines .