San Miguel says first half revenues grew 168% to P263B

San Miguel Corporation (SMC) said Friday “robust first-half results" largely from its two energy firms, boosted its consolidated revenues by 168 percent to P263.3 billion and sent net income rising by 72 percent to P10.8 billion. “We are continuously benefiting from our strategic shift to high-growth businesses," SMC chairman and CEO Eduardo M. Cojuangco Jr. said in a prepared statement. Petron Corp., majority controlled by San Miguel, made P134.9 billion in net sales during the first semester, up 17 percent from P115.35 billion a year earlier. San Miguel Global Power pitched in P35.6 billion in net sales, for a 48 percent jump from P24.14 billion. SMC said its “traditional businesses… continue to be a major contributor" to the diversifying conglomerate’s revenue stream. San Miguel Brewery net sales rose 7 percent to P35.59 billion, coming from a 5 percent increase in sales volume to 114.7 million cases. The San Miguel Food Group contributed P42.3 billion in net sales, up 11 percent while the Yamamura Packaging unit added P11.98 billion in net sales. Net sales of Ginebra San Miguel fell by 27 percent from P11.2 billion to P8.19 billion, because of 30 percent decline sales volume. SMC corporate information officer Ferdinand K. Constantino said in a disclosure to the Philippine Stock Exchange that SMC Global Power Holdings Corp. will conduct an initial public offering "towards the latter part of the year." Constantino also revealed that the SMC board of directors approved the sale of P12.99 billion worth of its Meralco shares to the San Miguel Pure Foods Company Inc. He said these shares form part of the fully-paid stocks bought from the Government Service Insurance System. — ELR/VS, GMA News