Double-digit growth in SMC profit seen

Philippine Daily Inquirer FOOD AND BEVERAGE GIANT SAN Miguel Corp. will likely post a double-digit growth in first semester core net profit from year-ago level, given the strong performance of key operating subsidiaries.

“San Miguel won’t be spectacular (in earnings) but it will always be good. We don’t look so much at extraordinary gains. But recurring profit is up by double-digit,” company president Ramon Ang said.

Although most of SMC’s key publicly listed subsidiaries have released their first semester numbers, Ang said the parent conglomerate was still waiting for the numbers from overseas businesses.

Extraordinary gains from the sale of assets such as Australian Brewer J Boag & Sons, as well as the initial public offering of its beer unit jacked up SMC’s profit last year, making earnings early this year pale in comparison on a year-on-year basis.