Food and drink group San Miguel Corporation posted 100.6bn peso (US$1.8bn) consolidated revenue in the first half of 2005, 24% higher than last year, spurred by gains in the company’s Philippine and international beer operations, packaging, and the food group.
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Operating income reached 7.84bn pesos while consolidated net income amounted to 3.85bn pesos. 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.
With a remarkably strong performance coming from all its business segments, the San Miguel Food Group brought in 29.1bn pesos 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 1.05bn pesos as profit margins recovered.
