San Miguel Corp’s profit in the first half of the year dropped 33 percent to P19.8 billion rom last year’s P29.57 billion on the one-off impact of the Corporate Recovery and Tax Incentives for Enterprise (CREATE) Law.
Removing the impact of CREATE well as foreign exchange fluctuations on its business, the bottomline result would have been an attractive 24 percent uptick to P32.5 billion compared to an adjusted P26.1 billion last year.
Despite this, the group described its performance to be “strong,” in the backdrop of a 73 percent increase in revenues to P711.4 billion compared to P410.1 billion last year.
SMC’s operating income grew by 41 percent to P85.9 billion mainly due to the improved performance of its fuel and oil subsidiary Petron Corp. and sustained recoveries of its food, beverage, packaging, and infrastructure businesses.
