MANILA, Philippines --- Conglomerate San Miguel Corp. (SMC) saw an 18-percent drop in first quarter net profit to P12.8 billion as volatile global oil prices, higher oil taxes, and higher cost of raw materials gnawed on its oil and food businesses. Three-month consolidated revenues, however, grew by 7 percent year-on-year to P250.9 billion, driven by strong volumes across most of its major businesses. The P12.8 billion net profit included earnings attributable to minority interest. For its food business, the government's lifting of special safeguard duties against import surges led to an industry-wide oversupply and a significant decline in poultry prices. The risi...
Keep on reading: San Miguel Corp. nets P12.8B in Q1 2019
from INQUIRER.net http://bit.ly/2H9Xlk3
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