Asset sale, forex gains boost SMC's Q1 income

One-time gains from the partial sale of power assets and foreign exchange gains bolstered earnings of diversified conglomerate San Miguel Corp. (SMC) in the first quarter, offsetting a decline in revenues recorded during the period.

- By RICHMOND MERCURIO

SMC saw its net income balloon to P43.4 billion during the quarter from P8.9 billion in the same period in 2024.

Core net income, which excludes non-recurring items, jumped by 31 percent to P19 billion on the back of disciplined cost management and solid performance in most of its core businesses.

SMC, however, registered an eight percent year-on-year decline in revenues to P360.9 billion, mainly due to weaker crude prices affecting the fuel and oil segment, coupled with lower contributions from the power business following the deconsolidation of the Ilijan power plant.