San Miguel Chief Says ‘No Problem’ as Forex Losses Hit 1Q Profit

The president of San Miguel Corp., the Philippines’ largest conglomerate by sales, on Friday struck a confident tone on the company’s earnings prospects for the rest of the year, after foreign exchange losses weighed heavily on first-quarter profit.

“No problem,” Ramon Ang said in a mobile phone message when asked how would the food-to-infrastructure group manage the impact of foreign exchange on its earnings in the coming quarters.