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PHILIPPINES: San Miguel Brewery H1 profits up

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San Miguel Brewery, the subsidiary of San Miguel Corp, has reported 4% rises in net sales and profits for the first six months of 2009.

Net sales reached PHP24.8bn (US$514.7m) for the half-year to 30 June, compared to the same period last year, San Miguel Brewery said today (14 July).

Net profits increased by 4% to PHP4.86bn, while operatings profits rose by 6% to PHP7.6bn, said the Philippines-based brewer.

"Earnings growth was driven by continued cost management efforts and more stable raw material prices," said the group, ahead of its first shareholder meeting.

A cash dividend of PHP0.11 will be paid on 1 August to shareholders of record as of 28 July, it added.

Earlier this year, Japanese brewer Kirin Holdings purchased a 48% stake in San Miguel Brewery, via a deal with the group's parent firm, San Miguel Corporation.


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