11-11-13 8:18 AM EST | Email Article
   By Cris Larano 
 

MANILA--Philippine conglomerate San Miguel Corp. (SMC.PH) said Monday its nine-month net profit dropped 60%, weighed down by foreign exchange losses this year compared with a substantial gain in the year-earlier period.

San Miguel said net profit in the January-September period fell to 7.5 billion Philippine pesos ($172 million) from PHP18.7 billion even as net sales rose 7% on year to PHP542.6 billion and operating income surged 25% on year to PHP46 billion. It said foreign exchange losses this year total PHP12.3 billion compared with a gain of PHP7.6 billion.

Excluding the effects of foreign exchange fluctuation and one-off items, San Miguel income would have risen 15% on year to PHP11.1 billion.

"We have seen the peso start to appreciate against the US dollar beginning October, so we see a reversal of some of the foreign exchange losses," San Miguel chairman Eduaro Cojuangco Jr. said in a statement. He added that the company's recent sale of a substantial stake in power distributor Manila Electric Co. (MER.PH) that will be completed later this year "will yield additional income."

San Miguel's business interests include majority stakes in beer producer San Miguel Brewery, liquor manufacturer Ginebra San Miguel, San Miguel Pure Foods Co., power generation group SMC Global Power, packaging firm San Miguel Yamamura, and oil refiner Petron Corp. (PCOR.PH).

 

Write to Cris Larano at cris.larano@dowjones.com

 

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(END) Dow Jones Newswires

November 11, 2013 08:18 ET (13:18 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.
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Morningstar - 2013/11/11 - San Miguel 9-Month Net Profit PHP7.5 Billion, Down 60% On Year
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