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Business

Philippine conglomerates report healthy earnings amid robust economy

Consumer-centric ops are delivering sustained 9-month earnings and sales growth

SM Prime Holdings, a unit of SM Investments, is the Philippines' largest shopping mall operator.

MANILA -- Consumer-centric Philippine conglomerates on Friday reported robust earnings growth from January to September, reflecting a domestic economy that is still strong despite delays in the government's infrastructure roll-out.

San Miguel, the biggest company by sales, logged a 20% increase in revenues to 597 billion pesos ($11.29 billion), driven by its core food and beverage business. Excluding the impact of one-off gains, net profit rose 21% to 43.8 billion pesos.

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