San Miguel Food and Beverage : & Beverage 9-Months Net Falls 37% as Covid-19 Weighs on Business

By P.R. Venkat

San Miguel Food & Beverage Inc.'s net profit fell 37% in the first nine months of the year as the impact of Covid-19 continued to weigh on the company's overall business.

Net profit was 14.36 billion Philippine pesos ($297 million), mainly weighed down by a fall in sales at its beer business, the company said Thursday.

The group's consolidated revenue was down 14% on year to PHP194.56 billion.

San Miguel F&B said that the third quarter had seen significant improvement in business compared to past quarters due to easing of Covid-19 related curbs.

"This is an encouraging development that proves we are on track to recovery," company chief executive Ramon S. Ang said.

Write to P.R. Venkat at [e-mail]

(END) Dow Jones Newswires

11-04-20 1856ET