HONG KONG: San Miguel full-year sales flat
San Miguel Brewery Hong Kong has posted flat turnover for 2005.
The company said yesterday (26 February) that consolidated gross turnover for the year reached HK$1.27bn (US$163.68m) from HK$1.26bn in 2004.
While turnover from mainland Chinese operations remained stable at HK$564m for the period, sales in Hong Kong were up by 1% at HK$704m.
In Hong Kong, operating income increased by 63.5% to HK$15.2m, with flagship beer San Miguel retaining its standing as the number one brand in the country.
"Various strategic programmes have been deployed to reinforce San Miguel's brand value and to strengthen its connection with customers and consumers," the company said.
Commenting on the company's China strategy, San Miguel's chairman Ramon S. Ang said: "Our priority ... is to gain momentum and improve competitiveness and build on buoyant demand for our highly popular local brand."
San Miguel (Guangdong) Brewery Company, a unit of San Miguel Brewery Hong Kong on mainland China, posted a 287.2% increase in operating profit to HK$10.9m due primarily to a growth of 21.5% by its core local brand Dragon.
However, in line with the restructuring at a second brewing unit in Guangzhou, San Miguel Brewery Hong Kong took a one-time impairment charge of HK$63.3m.
Looking ahead, the company said it would reinforce the leadership of the San Miguel brand in Hong Kong.
In South China, San Miguel Brewery Hong Kong added that it was committed to turning around the business by consolidating the growth of Dragon brand in Guangdong and the restructuring in Guangzhou.
"The momentum of our flagship San Miguel brand and the strength of the local brands will drive volume and turnover growth for the company in year 2006," the company added.
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