SBS Realizes Proft From Losses Last Year

SBS Philippines Corporation (SBS), one of the leading chemical distribution companies in the Philippines realized a net income of P234.3 million for the second quarter of 2021, and P213.4 million for the first semester of 2021, a significant improvement as compared to a net loss of P13.7 million during the first semester of 2020.

Photo Insert: SBS Philippines offers a comprehensive selection of chemical products to service the following industries: food ingredients, industrial, agribusiness, feeds and veterinary care, pharmaceutical, personal care, and cosmetics.

On a consolidated basis, operating profit for the second quarter increased by 50% to P50.9 million from P33.8 million in the first quarter of 2021, while posting a 27% increase compared to P40.2 million in the comparable period of 2020.

The Company said it continues to improve its operational efficiency and implement cost-saving measures to reduce operating expenses while benefiting from its revenue diversification strategy that increases income stream apart from its core distribution business.

Meanwhile, as a result of the investment program of the Group that aims to diversify sources of revenues, it registered P240.2 million on a gain on sale of investment in a real estate subsidiary while posting equity in net losses of the associate companies in the amount of P33.9 million in the second quarter of 2021.

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