San Miguel 2013 profit surges 210 pct to P53.6-B

Posted at 03/27/2014 6:48 PM | Updated as of 03/28/2014 9:18 AM

MANILA - San Miguel Corp, the Philippines' most diversified conglomerate, posted its highest full-year profit in four years in 2013 largely on gains from the sale of its stake in Manila Electric Co (Meralco).

Net income was P53.6 billion ($1.19 billion) in 2013, a jump of 210 percent from 2012, San Miguel said in a statement.

Consolidated revenue climbed 7 percent to P748 billion, with its new businesses including power accounting for 70 percent of total revenue.

San Miguel sold its stake last year in Meralco, the country's largest power utility, to Philippine conglomerate JG Summit Holdings Inc for P72 billion pesos.

San Miguel, which started as a brewery more than a century ago, has aggressively expanded over the last five years into power, airlines, mining, telecoms, oil refining and distribution, and infrastructure, while maintaining its status as the country's dominant food and beverage firm.

It owns controlling stakes in oil refiner Petron Corp, unlisted San Miguel Brewery Inc and has management control of flag carrier Philippine Airlines.