San Miguel F&B’s H1 profit down 50%

Consumer giant San Miguel Food and Beverage (SMFB) saw a 50-percent year-on-year drop in first semester net profit to P7.34 billion as the coronavirus pandemic-related lockdowns and liquor bans in key regions battered its flagship beer business. Coming from a first quarter net profit of P5.83 billion, the latest report suggested that SMFB had chalked up a second quarter net profit of P1.51 billion, down by 79 percent from the previous year's level. These first semester and second quarter net profit levels included earnings attributable to non-controlling interest. SMFB's six-month consolidated revenues declined by 19 percent year-on-year to P122.82 billion as the full impac...Keep on reading: San Miguel F&B’s H1 profit down 50%

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