San Miguel Brewery has reported an 11% rise in revenue and a 25% jump in net income for 2008, allaying fears of a decline in the global beer market.

Revenue reached PHP44bn (US$937m) for the 12-month period, with net income after tax rising to PHP10bn, San Miguel Brewery (SMB) said today (30 January).

The Philippines-based brewer attributed the results to a 4% rise in volumes and a tighter focus on cost control. The higher rate of value growth also indicates that the group has improved revenue per case. Top performing brands were San Miguel Light, Red Horse and Gold Eagle.

SMB's performance shows that parts of the Asia Pacific beer market remain buoyant, despite the global economic downturn.

Also today, SMB announced that it plans to issue bonds of up to PHP38.8bn, in order to fund the entire acquisition of domestic beer brands and brewing operations held by the group's parent firm, San Miguel Corp. The deal was announced earlier this week.

Last week, SMB said it had entered exclusive talks with Japan's Kirin Holdings. Japan's second largest brewer hopes to secure a 43.25% stake in SMB.