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PHILIPPINES: San Miguel Brewery FY profits slip as duty rate bites

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  • FY operating profits slip 3% to PHP21.6bn (US$482.2m)
  • Net sales in full-year down 1% to PHP75.1bn
  • Volumes fall 9% to 204m cases 

San Miguel Brewery has blamed high duty rates for dragging down its full-year volumes, while profits also slipped.

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The brewing unit of the Philippines' San Miguel Corp said yesterday (27 March) that net profits in 2013 fell by 3% to PHP21.6bn (US$482.2m). Sales in the period were also down, by 1% to PHP75.1bn, while volumes slipped by 9% to 204m cases in the 12 months.

“Higher excise taxes weighed down San Miguel Brewery,” the company said. However, the group flagged that margins “remained healthy” due to “cost containment measures and operational efficiencies in both domestic and international operations”. 

Duty rates also affected the groups spirits and soft drinks unit, Ginebra San Miguel. The unit's losses widened to PHP793m in 2013, compared to PHP528m the prior year. Sales were up, however, by 3% to PHP14.4bn, despite a 12% drop in volumes to 21m cases.

A new duty regime, which nearly doubled tax on spirits, hit volumes, the company said.

However the “non-alcoholic” segment of the unit saw volumes grow 20%, while sales were up “nearly double-digits”. 

To read the company's full statement, click here.


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