The Philippines food and drinks combine, San Miguel Corp. (SMC), has said that it expects to reach its net profit target for 2003 of around PHP7 billion (US$127.7m) which would represent growth of 5.6% from the 2002 net profit figure of PHP6.63 billion.
However, the figure will fall below analysts’ forecasts. A Reuters poll of analysts had put SMC’s net income for 2003 at around PHP7.9 billion.
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In addition to confirming its earlier guidance, the company’s chairman and CEO, Eduardo Cojuangco, said that the company would soon be acquiring properties in Thailand, Vietnam and Indonesia with a view to developing wholly-owned manufacturing facilities as part of its expansion programme for south-east Asia.
San Miguel posted net income for the first half of 2003 of PHP3.05 billion, 2% up on the first half of 2002. The first half figures were pegged back by a poor second quarter when income dropped by 10%.
