SMC, LT Group dole out over P2.5 B in cash dividends

MANILA, Philippines - Two of the country’s largest conglomerates will hand out more than P2.5 billion in cash dividends to stockholders following profitable operations last year.

Diversified conglomerate San Miguel Corp. (SMC) said its board of directors declared a cash dividend of P0.35 per share or a total of P831.93 million.

“The cash dividends are payable on May 16 to all stockholders of record as of April 29,” SMC said. Last year, SMC also declared a 35-centavo per share cash dividend.

In 2013, SMC’s consolidated net income climbed 42 percent to P38.1 billion driven by a P40-billion gain from the sale of Manila Electric Co. shares. The asset sale completely offset unrealized foreign exchange losses amounting to about P15.6 billion, brought about by the strengthening of the dollar in the second half.

Without the unrealized foreign exchange losses, net income should have surged 210 percent to P53.6 billion, the food-to-power and infrastructure firm said.

For its part, the investment firm of tycoon Lucio Tan said its board approved the “declaration and distribution of regular cash dividend of P0.15 per share and special cash dividend of P0.01 per share” for a total of P1.73 billion.

Stockholders as of April 25 will receive the regular and special cash dividends not later than May 22, LT Group said.