PHILIPPINES: San Miguel Corp books full-year profit increase
Profits were boosted by liquor and beer demand
San Miguel Corp booked an increase in full-year net profits boosted by strong demand in the beer and hard liquor sectors.
For the 12 months of 2009, consolidated net profits leapt to PHP57.8m (US$1.29bn) from PHP19.3bn a year ago, which includes the one-time gain from the sale of San Miguel’s 43.25% stake in San Miguel Brewery to Kirin Holdings last May.
Consolidated sales revenue increased by 4% year-on-year to reach PHP174.2bn, while operating profits rose by 33% to PHP19.7bn. The firm said “sound cost discipline” helped sustain the company’s “strong performance”.
San Miguel Brewery reported a 5% increase in sales revenue to PHP51bn. Efforts to raise volumes and manage costs resulted in a 3% lift in operating profits for the year, to PHP16bn. Net profits remained flat at PHP10bn.
“The coming years will further reveal a significantly stronger San Miguel that is committed to its role as a major contributor to the country’s progress,” San Miguel president and COO Ramon Ang said.
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