San Miguel Corp. booked an increase in full-year net profit today (14 April), boosted by better than expected results in its packaging and food businesses.
The Philippine food and beverage group saw net income reach PHP57.8bn (US$1.29bn) in 2009 from PHP19.3bn a year ago.
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Consolidated sales increased 4% to reach PHP174.2bn, while operating income rose 33% to PHP19.7bn. The firm said “sound cost discipline” helped sustain the company’s “strong performance”.
San Miguel said its food group ended the year with a “record” performance, with operating income ending the year at PHP4.53bn, up from PHP2.02bn recorded in 2008.
Consolidated revenue rose 5% year-on-year to PHP77bn, driven by strong performances from its poultry, dairy and feeds businesses.
San Miguel Yamamura Packaging Group reported total year-end revenues of PHP19.7bn and operating income of PHP1.62bn.
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By GlobalData“The coming years will further reveal a significantly stronger San Miguel that is committed to its role as a major contributor to the country’s progress,” San Miguel president and COO Ramon Ang said.
