SMC posts 91% drop in Q1 net profit

San Miguel Corp. (SMC) reported a 91% year-on-year drop in first-quarter net profit to P1.09 billion due to the impact of COVID-19 pandemic measures.

Consolidated revenues declined by 15%, and cash flow, measured by EBITDA, dropped by 34%. Net sales fell by 62% while income from operations decreased by 62% year-on-year.

SMC president Ramon Ang emphasized the company's focus on cost reduction and cash preservation amid the crisis. The company is also planning to raise up to $1 billion through perpetual securities for future growth.