SMY produces glass containers for the food, beverage, personal and health care industries.
During its stockholders meeting held recently, SMY announced plans to construct a fourth line for its bottling facility in Cavite. This is expected to increase the plant’s capacity from 180 metric tons per day to 215 metric tons per day. SMY has allotted P400 million for this undertaking.
At the same time, the company has earmarked between P600 million and P700 million for its furnace rebuilding and equipment upgrade program. This is seen to improve production and operating efficiencies to boost income.
SMY, considered as one of the most advanced glass manufacturing facilities in the country, reported a P237-million net income last year or an improvement from 2001.
Strict cost management and improved production efficiencies resulted to income from operations of P280 million, six percent higher than the previous level. This translated to an eight-percent improvement in operating margins to 27 percent in 2002.
For the first quarter this year, SMY’s revenues rose seven percent to P294 million while operating margins improved by 28 percent, translating to an operating income of P81 million.
SMY will continue to focus on product and market development. It said new ideas on quality, efficiencies and cost management will remain as base strategy to sustain growth.