San Miguel Corp. has posted a “substantial” jump in net income, boosted by one-off items including the disposal of its brewery business.
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The Philippine food and beverage group said that first-half net income rose to PHP55.6bn (US$1.14bn), up from PHP19.7bn in the comparable period of last year.
Excluding one-off items, income would have dipped 3% to PHP5.3bn.
Operating income rose 6% on the year, climbing to PHP8.7bn.
San Miguel said the “majority” of its businesses showed sustained revenue growth despite the economic slowdown. Sales rose 7% to PHP84.9bn.
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