San Miguel recurring income up 244 pct

ABS-CBN News

Posted at Mar 26 2015 09:47 PM | Updated as of Mar 27 2015 07:21 AM

MANILA, Philippines - San Miguel Corp. on Thursday said its recurring income in surged 244 percent to P27.9 billion in 2014, driven by growth in its traditional and new businesses.

However, the diversified conglomerate did not give its net income for 2014. It only said that the 2013 net income, which included one-time gain from an asset sale, was at P50.7 billion.

SMC said consolidated sales revenues reached P782 billion in 2014, 5 percent higher, while operating income inched up 1 percent to P55.8 billion.

However, Petron Corp. posted a 41 percent plunge in its consolidated income in 2014 due to the drop in international oil prices. The oil firm said last year’s income declined to P3 billion from the P5.1 billion posted in 2013.

SMC Global Power reported a 26 percent growth in operating income at P25.9 billion.

San Miguel Brewery Inc. said its net income grew by 8 percent to P13.5 billion, as consolidated sales revenue jumped 5 percent to P79 billion.

Ginebra San Miguel Inc. reported an operating income of P358 million, a turnaround from 2013’s loss of P793 million on improved volume sales and lower costs.

San Miguel Pure Foods Company Inc. posted a net income of P3.8 billion in 2014, a 6 percent decline from 2013 figures when the company posted gains from the Meralco share sale.

San Miguel’s packaging group’s operating income rose 11 percent to P2.3 billion, despite a 4 percent decline in revenues.