Diversified conglomerate San Miguel Corp. (SMC) posted a 60% increase in its top line in the previous year, but its net income was hit by unrealized losses on the revaluation of its foreign debt.
In an emailed statement, SMC said its consolidated core net income stood at P43.2 billion, and reported net income at P26.8 billion. It saw a“While challenges remain, we’re confident in the measures and programs we’ve put in place to weather these,” SMC president and chief executive officer Ramon Ang said.
“We remain strongly committed to executing on the long-term growth strategy we’ve laid out for our company, that will also significantly benefit our country,” he added. SMC reported consolidated revenues of P1.5 trillion in 2022, up from P941 billion in 2021 and higher than the P1.0 trillion recorded in 2019 prior to the COVID-19 pandemic.
“Our strong top line performance is a clear indication of our economy’s continuous recovery as well as the strong consumer demand for our products and services,” Ang said.
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