San Miguel H1 net income grows more than six fold

Posted at 08/11/14 6:00 PM

MANILA - San Miguel Corp, the Philippines' most diversified conglomerate, said on Monday its first-half net income grew more than six fold to P18.4 billion ($419 million) on gains across all businesses.

The figure represents net income before taking into account non-controlling interests.

Consolidated revenue grew 13 percent to 405 billion pesos, boosted by double-digit growth in its power and oil refinery businesses, the company said in a statement.

San Miguel, which owns the Philippines' largest oil refiner Petron Corp and unlisted SMC Global Power Holdings Corp unit, said lower interest expenses also pushed up first-half earnings.

San Miguel, with a market value of around $4.2 billion, has aggressively expanded over the last six 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 also owns controlling stakes in San Miguel Pure Foods Co Inc, liquor maker Ginebra San Miguel Inc, unlisted San Miguel Brewery Inc and has management control of flag carrier Philippine Airlines.