DIVERSIFIED CONGLOMERATE SAN MIGUEL CORP. (SMC) SAW ITS SHARES END IN THE GREEN LAST WEEK, FOLLOWING THE REPORT OF ITS IMPROVED fiRST QUARTER fiNANCIAL RESULTS.

The shares of SMC gained P1.20 or 1.05 percent to close at P116 apiece on Friday, prompting it to inch up by 0.87 percent on a week-on-week basis.

Last week, the firm disclosed that its earning surged to P17.2 billion in the first quarter from P1.1 billion in the same period

last year as most of its major businesses rebounded.

SMC’s consolidated revenues, however, slipped 6-percent yearon-year to P201.2 billion in January to March due to weaker volumes of Petron Corp., San Miguel Brewery and SMC Infrastructure.

Despite the shed, the company said the figure is still an improvement from its 15- percent and 29-percent decline in the first quarter of 2020 and full-year 2020, respectively.

“We’re encouraged by these improvements, as they reflect that our businesses are definitely headed towards full recovery. Despite the challenges ahead, we’re determined to sustain our performance and continue taking on meaningful projects and investments that will help our economy recover,” SMC President and Chief Operating Office Ramon Ang was quoted as saying in a disclosure on Thursday.