E-Malt.com News article: 2844

Philippine food and beverage giant San Miguel Corp said on June 28 it expects its net profit in the first half to rise 30 percent from a year ago, with improvements across all its business lines, according to Reuters. "Compared to last year, first six months is 30 percent better this year," San Miguel President Ramon Ang told reporters. "In terms of revenues, we are tracking 16 percent better than last year. Everything is okay across the board, including the soft drink business, which has already recovered."

San Miguel, which is 15 % owned by Japan's number-two beer maker, Kirin Brewery Co Ltd, has said its net profit jumped 32 percent in the first five months of the year from a year earlier on higher beer sales and lower costs at soft drink unit Coca Cola Bottlers Philippines Inc.

It posted net profit of 925 million pesos ($16.5 million) in the first half of 2003. Ang said San Miguel plans to buy a property in Johor, Malaysia to put up a manufacturing plant and supply beer and hard liquor to the Singapore and Malaysian markets. "Malaysia is cheaper compared to Thailand because there is no monopoly there. The plan is to buy a 20-hectare property in Malaysia... We can already get a permit," Ang said.

Earlier this month, the company got a license from Thailand's finance ministry to produce beer after it bought assets of Thai Amarit's brewery in the central Thai city of Amata for around 3.9 million baht ($95,590). ($1=56 pesos=40.80 baht)


30 June, 2004