The Philippines conglomerate, San Miguel Corp., posted an unexpected 34% decline in net profit for the first quarter to Peso1.11 billion (US$21.8m) against Peso1.67 billion pesos in the corresponding period last year. The company reported that the 35% rise in first-quarter turnover from Peso22.39 billion to Peso30.17 billion had failed to compensate for the "short-term dilutive impact" of recent acquisitions. But the company also said that consolidated net income, without the acquisitions, was 13% up on last year.