Diversified conglomerate San Miguel Corp. said Thursday it incurred a net loss of P4 billion in the first six months, a sharp turnaround from the P26.1-billion net income it booked in the same period last year as the pandemic affected operations of core businesses.
San Miguel said in a statement first-half revenues declined 31 percent to P352.8 billion, while consolidated operating income plunged 74 percent to P14.9 billion.
“The first half was particularly challenging for most in the business sector, but we are seeing strong indications of a recovery for SMC businesses, and we remain focused and determined to build on these gains,” San Miguel president and chief operating officer Ramon Ang said.
The conglomerate said that while most of its businesses managed to weather the storm caused by COVID-19, its beer and oil refining businesses were particularly hit the hardest by the imposition of stricter quarantine rules.
Ang said that even with recent reimposition of stricter quarantine restrictions, the company was prepared to execute plans and support government initiatives to the fullest to help the country recover.
“The best thing we can do is to work hard to continue providing essential goods and services to our people, while adjusting our operations to fully adhere to the quarantine. We are fortunate that during the easing of the quarantine, we were able to put in place and strengthen strategies that will help us operate better, get our products and services to more customers, support long-term growth, and help boost our economy during these challenging times” Ang said.
San Miguel earlier announced that all its major infrastructure projects would push through despite the crisis to boost the economy and provide jobs for more Filipinos struggling to cope with the impact of the pandemic.
“Right now, we are all in the same boat. Businesses, big and small, here in the Philippines and all over the world, are struggling. We are fortunate in San Miguel to have companies that provide essential products and services, and we have worked hard to continue operations and serve our people. Our commitment is to continue doing our part to help our country any way we can, including providing aid, pushing through with major investments to boost and strengthen our economy,” Ang said.