San Miguel net income up 80 pct to P52B in 2016

ABS-CBN News

Posted at Mar 16 2017 06:07 PM

MANILA - San Miguel Corp said Thursday net income in 2016 grew 80 percent from the previous year, driven by higher revenues across its businesses.

Net income in 2016 reached P52 billion. Excluding foreign exchange losses, consolidated income was at P61.2 billion, the company told the stock exchange.

Consolidated operating income rose 24 percent to P99.7 billion. Revenue grew 2 percent to P685 billion capped by low fuel prices for Petron, San Miguel said.

San Miguel Brewery’s net income grew 31 percent to P17.7 billion. Ginebra San Miguel reported net income of P361-million, a turnaround from the previous year’s P386-million net loss.

San Miguel Purefoods’ net income grew 26 percent to P6 billion while San Miguel Packaging’s operating income grew 10 percent to P2.6 billion.

San Miguel Power operating income grew 13 percent to P26.7 billion. Operating income for Petron grew 31 percent to P23.8 billion.

The company’s infrastructure business reported a 6-percent increase in operating income to P9.8 billion.

San Miguel shares closed 1.05 percent lower to P103.20 on Thursday.