By Doris Dumlao
Philippine Daily Inquirer
Diversifying San Miguel Corp. jacked up its first-quarter net profit by 146 percent year on year to P7.14 billion as the infusion of power and oil-refining businesses complemented the stable performance of its traditional beverage and food interests.
"We're off to a very good start as we continue to reap the benefits of a well-executed growth strategy," SMC chairman and chief executive officer Eduardo Cojuangco Jr. said in a press statement.
Consolidated revenues surged by 183 percent to P126.6 billion in the first quarter versus a year ago while group-wide operating income likewise expanded by 199 percent to P17.3 billion over the same period.
Revenues of flagship San Miguel Brewery grew by 9 percent to P17.5 billion in the quarter, translating to an operating income of P5.06 billion.
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