San Miguel has posted a slight rise in Q1 net profit. The increase fell short of the group's expectations, however.

At the company's annual meeting today (17 May), The Philippine company's chairman, Eduardo Cojuangco, said that Q1 net profit rose to PHP1.78bn (US$32.78m) compared to PHP1.74bn in the corresponding period a year earlier.

"Growth in the first quarter 2005 has been a bit slower than we would have liked," Cojuangco said. "Challenges prevail in our current operating environment, not least the impact of higher raw materials, fuel and transport costs and higher excise taxes.