PHILIPPINES: San Miguel Brewery YTD profits edge up
- Nine-month operating profits up by 5% to PHP15.4bn (US$374m)
- Net sales rise by 3% to PHP53.8bn
- YTD volumes flat at 164m cases
- Export volumes flat at 30.7m cases
The conglomerate's brewery operations saw a solid performance
San Miguel Brewery has reported a slight rise in nine-month profits and sales, but its domestic and export volumes remain flat.
The Philippines-based brewer, part of the San Miguel conglomerate, said operating profits in the nine months to the end of September rose by 5% to PHP15.4bn (US$374m), a slight slowing on H1. Sales in the period were up by 3% year-on-year to PHP53.8bn.
Overall volumes were flat at 164m cases. Domestic (133.2m) and export volumes (30.7) were also static. In H1, volumes dipped by 3% to 111.6m cases.
The company said "management of fixed costs" in its domestic beer operations and an improved performance in its international business boosted its results.
The conglomerate's liquor and soft drinks maker, Ginebra San Miguel, reported a 26% slowing in net losses to PHP393m. Net sales fell by 5%, while volumes dropped by 7% to 17.8m cases.
San Miguel Brewery makes up about 10% of the corporation's total sales and Ginebra San Miguel about 2%.
The conglomerate overall reported a 61% jump in nine-month net profits to PHP19.2bn, as sales rose by 29% to PHP509.2bn.
For the company's full statement, click here.
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