PHILIPPINES: San Miguel FY up, but spirits slip

By | 13 April 2007

San Miguel Corp. has posted rising sales in 2006, despite sliding volumes at its spirits arm.

The Philippines-based conglomerate, which operates in the beverage, food and packaging markets, said today (13 April) that total net sales for last year were up 10% year-on-year to PHP250bn (US$5.24bn).

Consolidated operating income grew 18% to PHP20.6bn, thanks primarily to the full year consolidation of its Australian dairy unit, National Foods, and savings generated from group-wide cost containment measures.

While operating income from domestic beer operations came in 15% up on 2005 at PHP9.52bn, volumes were lower than a year earlier as reduced consumer spending took its toll.

In international beer operations, 2006 volumes rose 8% with corresponding sales revenues of US$299.2m, 5% up on 2005. San Miguel credited strong volumes from operations in Greater China and from its export business. Consolidated operating income from the unit reached US$4.36m as a result of operational efficiencies and sustained cost control measures. A year-earlier figure was not disclosed.

Despite posting a 21% lift in sales for the year, to PHP12.43bn, San Miguel's spirits subsidiary, Ginebra San Miguel, saw the higher cost of molasses and packaging materials hit net profit for the period - down by 24% year-on-year to PHP280.7m. Revenues were up in volume terms, by 21% to PHP12.4bn.

San Miguel Corp, is 20%-owned by Japan's Kirin Brewery Co.

Sectors: Beer & cider, Soft drinks, Spirits, Water

Companies: Kirin

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