SMC hands out P832-M cash bonus

MANILA, Philippines - Diversified conglomerate San Miguel Corp. is handing out more than P800 million in cash dividends to its stockholders.

In a disclosure, the company said its board of directors “approved the declaration of cash dividends on the common shares at P0.35 per share.”

Hence, it will distribute P832 million in cash dividends to owners of 2.37 billion common shares.

“The cash dividends for the common shares are payable on Feb. 7, 2014 to all stockholders as of Jan. 17, 2014,” it added.

In January to September, this year, SMC’s net income sank 60 percent to P7.5 billion from P19.7 billion a year ago, weighed by foreign exchange losses.

Without unrealized foreign exchange losses, SMC’s recurring net income would be P11.1 billion in the nine-month period, up 15 percent from last year.

Consolidated revenues rose seven percent to P543 billion, due mainly to the full consolidation of Petron Malaysia and increased revenues from the food unit.