E-Malt.com News article: 2830

Philippines, Manila: Philippine food and beverage firm San Miguel Corp announced on June 24 its net profit jumped 32 percent in January to May from a year earlier on higher beer sales and lower costs at its soft drinks unit. San Miguel said in a statement its consolidated net income was 3.29 billion pesos ($59 million) in the first five months of the year.

Southeast Asia's largest food and beverage group, 15 % owned by number-two Japanese beer maker Kirin Brewery Co Ltd, said the volume of domestic beer sales grew 20 % in January to May from a year earlier. International beer sales rose 19 percent in the same period.

San Miguel, which makes nine of every 10 bottles of beer sold in its home market, said fixed costs at its soft drinks unit Coca-Cola Beverage Philippines Inc had been contained but did not give details. "Significant bottom line improvement coming from the food group also boosted San Miguel's strong performance from January to May," it said.

Analysts had expected the company, which dominates store shelves in the Philippines with its processed meat and poultry products, to benefit from spending on food and beverages related to the country's general elections on May 10.

Consolidated sales revenues in the first five months grew 15 percent from the same period of last year to 68 billion pesos.

Reuters Estimates gave an average 2004 net income forecast for San Miguel from 11 institutions of 8.53 billion pesos, up 15.7 percent from last year's 7.37 billion pesos.

San Miguel's A-shares, restricted to local investors, closed unchanged at 57.50 pesos on Thursday. Its B-shares, open to all investors, fell 50 centavos or 0.68 percent to 73 pesos.


25 June, 2004