Ginebra San Miguel has posted flat income for 2003. The company announced today net income for last year of 1.65 billion pesos (US$29.6m), the same as the previous year.

At the end of the third quarter, Ginebra was ahead year-on-year by 8%. Subsequently, quarter four, covering the Christmas and New Year holidays, was a disappointment.

Reuters Research, a unit of Reuters PLC, had a consensus 2003 net profit estimate of 1.76 billion pesos for the company. Consolidated sales volumes rose to 31.7m cases in 2003 compared with 29.8m year-on-year. Net sales revenues increased to 12 billion pesos from 11.4 billion pesos.

Ginebra's dispute with Tanduay Distillers over the 'Ginebra' trademark is still ongoing, with the appeal court upholding an order stopping Tanduay from manufacturing and selling Ginebra Kapitan gin two weeks ago.