San Miguel Brewery Hong Kong Ltd. posted a net profit of HK$39.7m (US$5.1m) for the year to the end of December 2002, down 55% from HK$88.7m in 2001. Sales fell from HK$1.38 billion to HK$1.33 billion.

Earnings per share fell from HK$24 in 2001 to HK$11. The San Miguel board has recommended a final dividend of HK$0.02 against HK$0.04 a year earlier. The board did not provide any explanation for the fall in profits.