SMC April net income up 43%

San Miguel Corp. (SMC) posted a consolidated net income of P611 million in April, 43 percent higher than last year which is a marked improvement from its performance in the first three months of 2002. With this positive performance continuing in May, the company’s second quarter is expected to end better than the first quarter.

Year-to-date net income for the period ending April, excluding acquisitions, rose 21 percent to P2.5 billion. Last year, San Miguel re-acquired Coca-Cola Bottlers Philippines Inc. (CCBPI) and purchased Cosmos Bottling Corp. — which is in the process of being integrated under CCBPI — and Pure Foods. Including these acquisitions, SMC recorded as P1.7-billion consolidated net income year-to-date.

April operating income increased 60 percent to P1.0 billion. Year-to-date operating income was up 18 percent to P3.5 billion from a year ago largely due to the positive performance of SMC’s domestic beer operations, the glass and metal segments of packaging and the feeds business of the San Miguel Food Group.

Consolidated net sales revenue for April hit P11.3 billion, up 38 percent from last year. Year-to-date sales reached P41.4 billion, 36 percent higher than P30.5 billion posted in the same period last year. In the first quarter, SMC registered a 35-percent gain in consolidated revenue which hit P30.17 billion.

EBITDA (earnings before income taxes, depreciation and amortization) for the four-month period rose 21 percent to P6.1 billion from a year ago.