2nd half of the year looks bright for San Miguel
So far, so good for SMC. Cheers to that!
Business conglomerate San Miguel Corporation is hopeful about its target forecasts for the second half of the year given its units’ strong performance in the first semester, Philippine Star reported.
“We have a very good first half performance and prospects for the second half of the year are much, much better,” said SMC deputy chief finance officer Joseph Pineda to reporters.
SMC is planning to post an additional P15 billion bonds to back the refinancing requirements of one of the company’s subsidiaries.
“It’s part of our liability management, changing the dollar (loan) to peso-denominated. We have hedging strategies so that is part of it,” he said in the report.
2015 was a very challenging year for SMC due to the scheduled shutdowns of the Malampaya power plant, which had effects on the output of SMC’s energy unit.
During the first quarter of 2015, SMC posted a net income of P13.5 billion, 122% percent higher versus last year’s P6.1 billion with growth coming from its core food, beverage and packaging businesses and higher revenues from its power and infrastructure units, PhilStar said.