Image via WikipediaSan Miguel Corp. (SMC) net income rose 70 percent in the eight months through August from a year ago on acquisitions of oil-refining and power-generation assets, a person familiar with the company’s financial data said.The Philippines’ biggest listed company also had revenue that rose by two and a half times, while earnings before interest, taxes, depreciation and amortization almost doubled, the person, who declined to be identified because the information is private, said. San Miguel last month reported first-half profit rose 72 percent to P10.8 billion.
The company that started as a brewer more than a century ago has been expanding into oil refining, power retailing and infrastructure to triple the return it previously earned from food and drinks. Oil refining unit Petron Corp. accounts for about a third of the Philippine oil market, while SMC Global Power Holdings Corp. controls 17.5 percent of the nation’s power generation capacity. The power unit plans to raise as much as P27.3 billion in an initial public offering.
San Miguel will pay a cash dividend of 35 centavos per common share and P1.50 for each Series 1 preferred stock held, it told the stock exchange today, after close of trading.
Profit in the first three quarters of 2010 was P12.7 billion, the company said in a November 2010 statement.
http://mb.com.ph/articles/335434/smcs-8month-income-up-70
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