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Photo from San Miguel Corp. website
MANILA, Philippines – San Miguel Corp. (SMC) saw its consolidated net income diminish by nearly half in the first quarter despite strong revenue growth across its major businesses. This as last year’s earnings were boosted by a one-time gain from power asset sales.
In a statement on Friday, the conglomerate said the bottom line fell to P22.5 billion during the January to March period from P43.4 billion a year earlier.
The firm attributed the decline mainly to the absence of the P21.9-billion gain booked in the first quarter of 2025 from the partial sale of power assets, as well as foreign exchange losses this year.
