PHILIPPINES: Brewery performance drives San Miguel Corp in Q1
- Group Q1 net profits increase by 19% to PHP8.5bn (US$199.8m)
- Group sales also rise in three months to end of March, to PHP142bn
- Beer division sees sales lift by 5% year-on-year to PHP18.34bn
- Beer volumes slide as exports prop up domestic sales
San Miguel Corp issued its Q1 results late yesterday
San Miguel Corporation has reported a 19% jump in profits in its first quarter helped by a rise in sales in its beer division.
The group's net profits for Q1 rose to PHP8.5bn (US$199.8m) , while sales rose to PHP142bn (US3.3bn) for the three months to the end of March. San Miguel Brewery, the beer arm of the firm that is 48%-owned by Kirin Holdings, reported a Q1 sales lift of 5% to PHP18.34bn.
But, sales volumes during the period slid by 4% to 54.5m cases. The drop was mainly to falling domestic sales, with 45.8m cases sold compared to 48.5 in last year's Q1, the company said.
Export beer sales were up 9%, however, to 8.7m cases, with improved sales in Indonesia, Hong Kong, Thailand and China.
The company today (11 May) confirmed that it is still in talks with Kirin over pressure to sell up to 10% of San Miguel Brewery into public ownership. Under a Philippine Stock Exchange ruling, it is likely to be required to make at least 10% of its subsidiaries open to public ownership.
A clarification noted issued to the PSE, in response to a newspaper report, said: “The company will make further appropriate and timely disclosure on this matter as soon as decision has been reached on the implementation and timing of its compliance with the rule.”
San Miguel's share price was down 0.49% on Friday.
To read the company's official statement, click here.
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