San Miguel Yamamura Packaging Group posted operating income of P758m (AU$19.7), a 156 per cent rise from the previous year. Total revenue for the first semester rose 8 per cent to P10.1bn on the back of stronger sales in plastics and glass.
Half year financial results for San Miguel Corporation (SMC) reported a consolidated net income of P19.7bn, up 199 per cent from the previous year. This included a gain in discontinued operations of P5.67bn reported in the first quarter, non-recurring gains from the San Miguel Brewery and the sale of San Miguel’s stake in KSA Realty.
The company says its total revenues of P79.8bn rose nine per cent, as a majority of the company’s businesses led by its beer subsidiary, registered steady volume and revenue growth.
Ramon Ang, president of SMC says, “Faced with challenging economic conditions affecting consumer spending behaviour and escalating input costs, we’re particularly encouraged by these results. Growth was achieved across almost all of our reporting segments in the first six months of 2008.”
Consolidated operating income amounted to P8.21bn, 28 per cent higher than the comparable prior-year period.
Volumes of San Miguel Brewery rose 7 per cent while revenues of P23.8bn were 9 per cent higher than last year. Operating income for the first semester reached P7.16bn, a 25 per cent increase from the previous year.
Despite unprecedented commodity and fuel price increases San Miguel’s Food Group under San Miguel Pure Foods delivered consolidated revenue of P33.7bn, 16 per cent higher than last year.
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