San Miguel declares 35-¢ cash dividend
Food and beverage giant San Miguel Corp. has declared a cash dividend of 35 centavos per share, payable on April 24 this year.
Stockholders on record as of March 28 will be entitled to receive the cash dividends.
In the nine months ending September 2007, San Miguel reported a 15 percent growth in net income to P7.07 billion (which included a gain of P870 million from the sale of Coca-Cola Bottlers Philippines Inc. and net of consolidated financing charges of P4.73 billion).
Consolidated revenues rose eight percent to P170 billion on the back of improving beer, hard liquor and domestic food businesses.
Consolidated operating income, however, declined 14 percent to P12.3 billion largely due to the lower than expected operating income performance of Australia-based National Foods owing to high costs of dairy raw materials and imported juice concentrates amid tight supply and the prologed drought.
San Miguel’s local beer operations recorded seven straight months of volume and revenue growth while international beer operations sustained its profitability for the fourth consecutive month driven by robust North and
Sales revenues from international beer operations went up eight percent while operating income amounted to $4.3 million or a reversal from the previous year’s operating loss.
San Miguel hard liquor unit Ginebra San Miguel, meanwhile, registered revenues of P9.5 billion, up two percent on the back of a six percent rise in volume.
The food division likewise registered a seven percent rise in revenues to P43.5 billion due to higher volumes across almost all businesses. Operating income reached P1.8 billion or an increase of 15 percent due to significant contributions from value-added meats and flour businesses and the notable performances from the dairy cluster and regional operations.
San Miguel Packaging Specialists Inc., on the other hand, reported a lower operating income of P365.6 million due to sluggish demand from beverage customers.
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