The Philippine food and drinks group San Miguel Corp is expected to report a net profit close to 7.4 billion pesos (US$132m) for 2003, according to a report by Dow Jones today.

The news piece cited a company source saying the results were thanks to stronger beer sale.

San Miguel will release full year results tomorrow. San Miguel had said that it expected net profit for 2003 to be 10% higher than the previous year, but with the accounting adjustment it will only show growth of around 7%.