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PHILIPPINES: San Miguel net profit down 34% in first quarter

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The Philippines conglomerate, San Miguel Corp., posted an unexpected 34% decline in net profit for the first quarter to Peso1.11 billion (US$21.8m) against Peso1.67 billion pesos in the corresponding period last year. The company reported that the 35% rise in first-quarter turnover from Peso22.39 billion to Peso30.17 billion had failed to compensate for the "short-term dilutive impact" of recent acquisitions. But the company also said that consolidated net income, without the acquisitions, was 13% up on last year.


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