SMC’s net income more than doubles to P19.3 B in 2008

Diversified conglomerate San Miguel Corporation reported a 134 percent jump in consolidated net income last year to P19.3 billion from P8.25 billion in 2007 on the back of stronger sales and one time gains from the initial public offering of beer unit San Miguel Brewery Inc.

Despite external factors that had most food and beverage businesses reeling from slower-than-anticipated growth in consumer demand, San Miguel Corporation said its full-year consolidated sales revenue of P168.0 billion, 14 percent higher than 2007 levels of 148.0 billion.

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