By P.R. Venkat

San Miguel Corp. incurred a loss in the first half, as its various businesses felt the full impact of Covid-19 restrictions that crimped demand for its products.

Net loss was 3.99 billion Philippine pesos ($81.3 million), compared with profit of PHP26.15 billion a year earlier, the conglomerate said Friday.

Restrictions imposed by the government to contain the spread of the pandemic hit the company's brewery and energy businesses the most, San Miguel said.

"The first half was particularly challenging for most in the business sector, but we are seeing strong indications of a recovery for SMC businesses, and we remain focused and determined to build on these gains," company President Ramon S. Ang said.

San Miguel also has business interests in real estate and infrastructure.

Separately, San Miguel said it has registered with the Philippine Stock Exchange to raise PHP40 billion through the issuance of preferred shares.

The shares, which will be offered at PHP75 apiece, can issued over a three-year period. 



  Write to P.R. Venkat at venkat.pr@wsj.com