San Miguel Corp. (SMC.PH) said Wednesday its 2011 net profit declined 13%, as larger extraordinary gains in the previous year offset the surge in revenue due to the conglomerate’s diversification into energy-related businesses.
San Miguel said net profit last year reached PHP17.5 billion ($407 million) compared with PHP20.1 billion in the year-earlier period even as revenue climbed to PHP536 billion from PHP246 billion due to contributions from oil refining unit Petron Corp. (PCOR.PH) and SMC Global Power. Together, the two energy-related businesses contributed 63% of group revenue.
The company said that if one-off items last year and the gains from the acquisition of SMC Global and foreign exchange realized in 2010 were excluded, net profit for 2011 would have been PHP17.3 billion, higher than PHP12.7 billion in 2010.
Aside from energy, San Miguel’s businesses are in food manufacturing, beer brewing, packaging, liquor production and infrastructure development.