Updated Mar 14, 2019, 5:11:11 PM
Metro Manila (CNN Philippines, March 14) — San Miguel Corporation (SMC) exceeded the ₱1-trillion mark in its 2018 revenues.
Consolidated revenues form all its businesses, which include San Miguel Food and Beverage, Inc. (SMFB), SMC Global Power Holdings Corp., Petron Corporation, and SMC Infrastructure, reached ₱1.02 trillion last year, up by 24 percent from 2017.
Factoring in expenses such as operating costs and taxes, resulted in a net income of ₱55.2 billion, up by one percent from 2017.
"Income growth for the conglomerate was tempered by the sharp decline in crude prices resulting in inventory losses for its fuels and petrochemical business during the 4th quarter of 2018. This was compounded by forex translation losses for the year," SMC said in a statement.
SMFB, which has subsidiaries San Miguel Brewery Inc., Ginebra San Miguel Inc. and San Miguel Pure Foods, had a net income of ₱30.5 billion.
SMC also said that its big-ticket construction projects, which fall under SMC Infrastructure, remain on track, including the construction of Skyway Stage 3 and MRT-7.