Philippines' San Miguel's recurring profit up 10.7% in 2017

[MANILA] Philippine conglomerate San Miguel Corp posted a 10.7-per cent increase in annual recurring profit, boosted by double-digit growth in its petroleum and food businesses.

Recurring net income, which excludes one-off gains and forex translation, rose to 54.7 billion pesos (S$1.37 billion) in the 12 months to Dec 31, the company said in a statement.

San Miguel, one of the largest conglomerates in the Southeast Asian nation, has pursued an aggressive expansion since 2008 to bolster revenues, adding infrastructure, mining, petroleum and power assets to its staple food and beverage businesses.

REUTERS