Conglomerate San Miguel Corp. boosted its second quarter net profit to reverse the losses incurred at the height of pandemic restrictions last year as most businesses attained a double-digit recovery in revenues.
“While there is no doubt that the uncertainties brought about by the pandemic will continue to have an impact on our businesses, our strong performance in the first half reflects the effectiveness of the strategies we’ve put in place and our ability to quickly adapt to the evolving needs of our consumers,” said SMC president Ramon S. Ang
San Miguel Food and Beverage Inc. returned to prepandemic profitability level in the first semester as second quarter earnings recovered from a low base last year. SMC Global Power recorded first-half off-take volumes of 13,552 gigawatt-hours and consolidated revenues amounting to P60.3 billion, both up by 5 percent over the same period in 2020. Net income rose by 35 percent to P12.2 billion.
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