Philippines: San Miguel Corporation posted P100.6 billion consolidated revenue in the 2005 first semester
San Miguel announced on August 11, that its operating income reached P7.84 billion while consolidated net income amounted to P3.85 billion. The Company experienced continued increases in cost of raw materials, packaging and utilities, as well as higher financing charges as San Miguel took on additional funding for acquisitions and expansions.
Revenue from San Miguel Beer Division (SMBD) Philippine operations increased 11% to P20.44 billion. Operating income was up 8% at P4.33 billion due to stable malt prices and higher average selling prices. Despite higher excise taxes, volume level has been sustained on the back of new programs to boost sales.
SMBD International’s operating profit surged five-fold as distribution and operations achieved further efficiency. Overall sales volume jumped 12% following the strong performance of SMC’s Indonesian and Australian beer operations. SMBD also achieved gains in its China operations (including Hong Kong) where volume grew 10% versus last year due to the strong performance of Dragon, Blue Star and other economy brands.
With a remarkably strong performance coming from all its business segments, the San Miguel Food Group brought in P29.1 billion in revenue in the first half of 2005, 5% higher than last year. And with selling prices improving considerably in the second quarter, first-half operating income jumped 9% to P1.05 billion as profit margins recovered.
Ginebra San Miguel Inc. (GSMI) sales revenue rose 3% to P6.2 billion. Experiencing a softening liquor market as well as rising cost pressures particularly on major raw materials and higher excise taxes, GSMI posted an operating income of P781 million.
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