San Miguel’s profit in the first half of 2015 fell eight per cent from a year earlier as a weaker peso boosted the cost of its debt, offsetting gains from oil refining and its liquor and beer businesses.
Net income in the six months ended June was 16.9 billion pesos ($368 million) compared with 18.4 billion pesos previously, the company said in a presentation posted on its website Tuesday.
Excluding the impact of foreign exchange movements, recurring profit rose 15 per cent to 18 billion pesos, it said.
San Miguel and its oil subsidiary Petron Corp. are seeking to refinance debt exceeding $1 billion as interest rates linger near record lows. The century-old beer maker plans to sell this month as much as 33.5 billion pesos of preferred shares.
Operating income in the first six months of the year increased 23 per cent to 40.7 billion pesos, while revenue declined 16 per cent to 338.8 billion pesos on lower oil prices and a decline in sales at its power unit, San Miguel said in a statement. It didn’t provide second-quarter numbers.
News by Bloomberg, edited by ESM
