Food and beverage combine, San Miguel Corp. (SMC), has said it expects net profit for the year to rise by 11% PHP7 billion, on the back of recent acquisitions and strong domestic beer revenues.

SMC also said that it expects operating income to grow by 25% to PHP13 billion. "This reflects that San Miguel has overcome the dilutive effect of its acquisitions and the benefits from the additional funds generated from the buy-in of Kirin Brewery Ltd.," the company said. The group expects consolidated revenues for the year to rise by 25% to PHP140 billion.

In March, Kirin acquired a 15% stake in SMC for $536m, with the deal giving Kirin two seats on the SMC board.