SMC glass unit profits up 40%

San Miguel Corp. said Monday that its glass-mold manufacturing unit, San Miguel Yamamura Fuso Molds Corp., posted an operating profit of P9.1 million in the first quarter, up 40 percent annually from 2002, due to brisk sales and improved cost management.

In a company statement, San Miguel chairman and chief executive Eduardo Cojuangco Jr. said, “Fuso molds intends to sustain, if not exceed, its financial gains in 2002,” citing the robust financial results for the quarter. The earnings announcement, the first this year, was made under new disclosure rules of the Securities and Exchange Commission and the Bureau of Internal Revenue, a San Miguel spokesman said earlier.

Brisk orders for glass-mold sets lifted sales volumes by seven percent and brought up revenues by eight percent to P33.5 million. Lower input costs raised gross profits by 19 percent to P15.3 million and enhanced its gross margins by 10 percent. A 6-percent decline in overhead likewise enhanced operating margins to 27 percent from 21 percent. Fuso Molds, a joint venture between San Miguel and Japanese firms Nihon Yamamura Glass Co. Ltd. and Fuso Machine Molds and Manufacturing Corp., mostly supplies the requirements of San Miguel’s packaging business. In turn, San Miguel’s five manufacturing facilities in the Philippines produce glass containers mostly for its beverage business, as well as food, pharmaceuticals, personal care industries and chemical industries.

Last year the unit achieved a 15-percent growth in net income to P25.5 million from 22.2 million the previous year, which Cojuangco credited to cost-containment efforts and improved working- capital management. Operating income grew 14 percent to P33.4 million, as did revenues, which stood at P130.7 million.

600450 SMC glass unit profits up 40%

See more news about:

Others also read

Local quality glass producer Emirates Glass Limited has won contracts to supply 68,000 square metres of its high quality EmiCool glass to five major projects in Dubai.
Southwall Technologies Inc. (Nasdaq:SWTX), a global developer, manufacturer and marketer of thin-film coatings for the electronic display, automotive glass and architectural markets, today announced that on Dec. 18, 2003, it secured an agreement for a new bank loan guarantee and equity financing package of up to $7.5 million from Needham & Company, Inc., its affiliates and Dolphin Asset Management.
When did the wine industry start using glass bottles, and how did they settle on their current size of 750ml? For the answer to these questions, you have to go back in time - back thousands of years to when wine was first cultivated and enjoyed.
Praxair, Inc. (NYSE: PX) today announced that its subsidiary Praxair Canada Inc.'s specialty gases plant in Paris, Ontario, Canada, is one of Praxair's first specialty gases plants in North America to complete the upgrade to ISO 9001:2000, the latest ISO 9000 standard for quality.
KUB Malaysia Bhd has accepted an offer from Nippon Sheet Glass Co Ltd (NSG) to acquire its 15% stake in Malaysian Sheet Glass Bhd (MSG) for RM32.6 million in cash, or RM2.68 per share.
Co-Ventures in Glass Containers (CVIGC, Ltd.) of Tampa, Florida, USA and Micro-Tek Canada, Inc. Of Toronto, Canada are excited to announce the beginning of a long term joint venture to combine their extensive experiences and resources to offer the Glass Container Industry globally a best value alternative for all their outsourcing needs in manufacturing, operations and technical assistance agreements, specifically targeted to the smaller manufacturers who have found the larger service companies to be cost and profit prohibitive.The principals of the two companies have found a global need for smaller glass companies who require excellent technical resources to properly compete within the industry without the high costs of employing their own staffs or outsourcing their requirements to the larger service companies whose own operating costs and overhead are substantial.

Add new comment