San Miguel 2011 net income down 13% to P17.5-B

MANILA, Philippines – Diversifying conglomerate San Miguel Corp. reported a 13% decline in its 2011 net profit due to the absence of one-time gains from energy-related businesses.

In an analyst briefing on Wednesday, March 28, San Miguel said net income in 2011 reached P17.5 billion, down from P20.1 billion in the previous year.

If one-off items in 2011, as well as the 2010 gains from the acquisition of SMC Global Power and foreign exchange, are excluded, net income in 2011 would have been P17.3 billion–a 36% hike from the previous year’s P12.7 billion.

Revenues from SMC Global and oil Petron Corp, the refiner and retail unit, contributed to the hefty 118% hike in 2011 revenues to P536 billion from P246 billion.

These two energy-related subsidiaries accounted a combined 63% of the entire group’s revenues.
Since 2007, San Miguel has been diversifying away from its core food and beer business, and into capital intensive industries, such as energy, mining, telecommunications, and infrastructure,

Below is how each business unit performed in terms of income from operations.


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