The Philippine food and drinks group, San Miguel Corp, is likely to report lower net income for the first half of the current fiscal year mainly due to restructuring costs at its newly-acquired Coca-Cola bottler, according to analysts' forecasts.

Analysts are predicting first half net income for San Miguel of Peso3.0 to Peso3.2 billion ($59m to $63m), which would represent a drop of between 16% and 21% from the group's reported net income of Peso3.8 billion in the corresponding period last year.

However, sales of San Miguel beer are expected to have improved in the second quarter after a 9% decline in the first three months of the year.