SMFB Q1 net income drops 20%, revenues fall 9%

San Miguel Food and Beverage Inc.'s (SMFB) net income dropped 20% in Q1 due to excise taxes and liquor bans during the lockdown.

Consolidated revenues fell 9% to P69 billion, with beer division revenue down 18% to P28.4 billion and spirits division revenue down 10% to P7.5 billion.

The company attributed the decline in sales of alcoholic beverages to the enhanced community quarantine and liquor bans across key cities.

However, food division revenues grew by 2% year-over-year to P33.2 billion, partially offsetting the declines in beer and spirits divisions.