Manila,
August 08 2002
San
Miguel Corporation (SMC) registered an operating income of
P3.55 billion in the second quarter, a hefty 27% improvement
from the P2.79 billion recorded a year earlier as the
company’s recent acquisitions started bearing fruit. The
healthy showing boosted first semester operating profits 18% to
P6.08 billion from P5.17 billion in the first half of 2001.
Net sales
in the first half increased 25% to P66.11 billion as revenues
for the second quarter rose 17% to P35.94 billion on the back of
sustained gains from Coca-Cola Bottlers Philippines, Inc.
(CCBPI), domestic beer, packaging’s glass and metal segments,
and the food group’s feeds and processed meat segments.
Earnings
before interest, taxes, depreciation, amortization (EBITDA) grew
50% in the second quarter to P5.4 billion from P3.61 billion
last year, boosting first half EBITDA to P9.95 billion, up 23%
from P8.06 billion in 2001.
With the
favorable growth in both top-line and operating profits, SMC
posted hefty second quarter net profits. This boosted the first
semester consolidated net income to P3.01 billion, which is
inclusive of P160 million in one-off items related to
integration. On a recurring basis, net profit is at P3.2 billion
for the period.
San
Miguel has focused its efforts to grow volumes, immediately
realize operational efficiencies and optimize resources
following several business acquisitions in 2001 that included
CCBPI, Cosmos and Pure Foods. SMC implemented various programs
to align operations, distribution, processes and systems with
that of San Miguel.
The
realignment included consolidation of all the non-alcoholic
products under CCBPI’s umbrella and the merging of Pure Foods
and SMC’s food operations into San Miguel Pure Foods company.
The resulting structure in both these segments have allowed SMC
to gain meaningful trade leverage and at the same time deliver a
full range of products to the consumers.
The
completion of the ongoing business integration and distribution
alignment is critical to achieve a solid platform for growth and
long-term profitability. In this regard, SMC is happy to report
that the execution of such changes is very much on track. The
integration of the acquisitions and synergies derived from the
realignment will enable SMC to further enhance its position in
the processed meats, soft drink and non-carbonated beverage
markets. Significant benefits are anticipated once the shift to
dealership is completed.
By
managing resources on a group-wide level, SMC was able to
leverage its buying power and realize scale economies. San
Miguel also expects to capitalize on the pooling of expertise
between various companies and subsidiaries.
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