MANILA, Philippines — Ginebra San Miguel, Inc. posted earnings growth in the first quarter, staving off challenges posed by consumer price growth that plagued the Philippine economy.
In a disclosure sent to the Philippine Stock Exchange on Thursday, the diversified beverage segment of San Miguel Corp. reported a net income that skyrocketed 81% year-on-year to P2.5 billion from January to March.
Revenues inched up 3% on-year to P12.9 billion in the first quarter.
That said, the company’s operating income struggled in the first three months, retreating 9% on-year to P1.6 billion. GSMI cited lower volumes and higher input costs, owing to a price increase in February.
The company said that the drop in operating income was cushioned by marketing initiatives that it launched in March.
“Despite the various challenges the industry has faced these past couple of years, GSMI has remained resilient and has consistently delivered excellent results,” said GSMI president and CEO Ramon S. Ang.
GSMI approved and distributed regular cash dividends of P0.75 and special cash dividends of P1.75 on the common stock of shareholders on May 24.
Shares in Ginebra ended trading on Thursday down 0.35% to P141.5 apiece. — Ramon Royandoyan