Conglomerate San Miguel Corp.’s (SMC) earnings in the fourth quarter last year beat prepandemic levels as the reopening of the domestic economy allowed the company to reverse the slump seen in the first semester when the most stringent quarantine protocols were in place.
SMC posted a fourth quarter net profit of about P11.17 billion, 25.8-percent better than what was seen in the last quarter of 2019 when the COVID-19 pandemic had yet to erupt. This brought 2020 net profit (including earnings attributable to minority interest) to P21.9 billion, down by about 55 percent from the previous year’s level.
Despite the economic recession arising from the pandemic, however, SMC posted a net…
Keep on reading: SMC recovered big in Q4, but 2020 profit down 55%