SMC Q1 net income up by 31%

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Metro Manila (CNN Philippines, May 10) — San Miguel Corporation's (SMC) consolidated net income rose 31 percent to P19.4 billion in the first quarter, buoyed by strong performances in its beverage, food, packaging, and fuel and oil businesses. 

The diversified conglomerate reported a net income of P13.8 billion in the same period last year.

In its first quarter report released Thursday, SMC posted a 20 percent increase in revenues, or P234.3 billion from January to March.

San Miguel's subsidiaries, including its core food and beverage businesses, registered growth.

Its core business, San Miguel Brewery, grew 18 percent with a net income of P29.8 billion, while Ginebra San Miguel reported a 97 percent increase in net income at P255 million.

Profits of San Miguel Food and Beverage, formerly known as San Miguel Pure Foods, rose 12 percent to P29.8 billion, attributed to the continued growth momentum of the poultry and meats and value-added meats businesses.

Oil company Petron's net profits grew by 4 percent, with a net income of P5.8 billion compared to P5.6 billion in the first quarter of 2017.

San Miguel Yamamura Packaging Group's revenues rose 25 percent, reaching P8.6 billion, on account of strong sales of glass, plastics, and flexibles and continuous growth in its Australia operations.