MANILA – San Miguel Corporation said on Thursday it posted P1.02 trillion in revenues in 2018 amid strong performance from its food, beverage, packaging, fuels and petrochemicals, power and infrastructure units.
The conglomerate said consolidated revenues were up 24 percent from the previous year while consolidated recurring net income reached P55.2 billion, up 1 percent.
Revenues from SMC's food and beverage units were up 14 percent, while its power unit booked a 45-percent increase.
San Miguel's fuel unit Petron saw a 28-percent rise in revenues, while its infrastructure business saw revenues rise 9 percent.
The conglomerate said construction of the Skyway Stage 3 and MRT-7 remains on track while its Bulacan Bulk Water project is already serving 6 Bulacan municipalities this year.
SMC, however, said income growth was tempered by foreign exchange losses and falling crude prices, which led to inventory losses for its fuels and petrochemical business.