Filipino based multinational San Miguel Corporation has recently announced a consolidated net income of P20.9bn, nearly 200 per cent higher than the same period last year. The company’s packaging business, Yamamura Packaging also reported a substantial jump in profits from last year.
For the first nine months of the year, San Miguel’s sales revenue amounted to P122.2bn, 15 per cent better than the comparable period in 2007. Operating income increased 26 per cent to P11.7bn, helped by strong performance in San Miguel’s domestic beer operations and a turnaround in its international beer operations.
Meanwhile, San Miguel Yamamura Packaging continued its recovery, registering marked improvements in its costs structure. The company’s year-to-date sales revenue reached P14.8bn, 8 per cent higher than last year, while operating income amounted to P978m, 94 per cent higher than last year. Yamamura adds it is continuing to focus on developing overseas markets.
Ramon Ang, president of SMC says, “The current uncertainty in the global economy presents a challenge for our consumers, customers, suppliers and employees. But we continue to find new ways to cope with an extremely challenging set of business conditions and we’re proud of the results we’ve turned in. We remain confident about our future prospects.”
The company also reported that facing enormous pressures of higher costs and weaker consumer spending, SMC’s food business ended the period with an operating income of P1.53bn, 14 per cent lower than the first nine months of 2007. The Food Group’s flour and dairy business were particularly affected by high wheat and dairy raw material costs.
