PHILIPPINES: San Miguel hopes for 2003 growth
San Miguel Corp has high hopes for its end of year figures. AFX Asia today reports that the food and beverage conglomerate expects its 2003 net profit to outstrip last year by 10%.
According to the news agency, company president and chief operating officer Ramon Ang predicts net profit reaching 6.63 billion pesos (US$120m) this year, with revenue growing by 25% next year. The company's Q3 figures to September saw net profit rise by 15% year-on-year to 1.79 billion pesos on the back of sales growth of 9% to 35.9 billion pesos.
San Miguel, the Philippines' largest food and beverage conglomerate, plans to invest around US$100m in Thailand, Vietnam, China, Indonesia, Australia, Malaysia and Taiwan in the hope it will boost its annual revenue to US$300m.
Ang also told AFX Asia that it is in talks with the Indofood group in Indonesia. Ang said: "If ever we do a deal with anybody in the region it will purely be (for) an acquisition, We don't want to get into distribution."
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