Diversified conglomerate San Miguel Corp. (SMC) reported a nearly fivefold jump in first-half net income to P66.8 billion, from P13.6 billion a year ago, boosted by foreign exchange gains and a valuation uplift on its residual investment in the Ilijan power facility and Excellent Energy Resources Inc.

The company said Tuesday that excluding these one-off items, core profit rose 9 percent to P36.7 billion, driven by operational performance across most units and cost management.

Revenue in the first six months fell 9 percent to P718.2 billion due to lower contributions from the Power group following the Ilijan and EERI deconsolidation, and softer crude prices in Fuel and Oil. 

Gains from Food, Spirits, and Infrastructure partly offset the decline. Operating income grew 3 percent to P87.7 billion, while consolidated EBITDA rose 11 percent to P126.3 billion.

“Our first-half results reflect the resilience and adaptability of our diverse portfolio. By staying focused on efficiency, discipline, and strategic priorities, we have sustained our growth momentum and continued to contribute to our country’s progress,” SMC Chairman and CEO Ramon S. Ang said in the company’s report.

San Miguel Food and Beverage, Inc. grew first-half net income 15 percent to P23 billion on 4 percent higher revenues of P201.2 billion. 

San Miguel Foods led gains with a 53 percent profit jump to P6.0 billion, while San Miguel Brewery’s income rose 3 percent to P13.0 billion despite lower domestic sales. Ginebra San Miguel’s profit climbed 16 percent to P4.2 billion. 
Meanwhile, San Miguel Global Power’s revenues fell 19 percent to P80.1 billion due to asset deconsolidations, thoughEBITDA rose 14 percent to P34.4 billion and core income hit P12.6 billion. 

Petron earned P5.3 billion as revenues slid 13 percent to P386.4 billion. Cement sales dropped 6 percent to P17.8 billion, while SMC Infrastructure grew revenues 7 percent to P19.9 billion on higher toll road traffic.