Philippine food and beverage group San Miguel Corporation is expected to report lower net profits than hoped for in 2001 as the effect of acquisitions on interest income from its cash kicks in. San Miguel recorded a net profit of 7.5 billion pesos in 2000 but when non-recurring income of PHP670 million from the redemption of a unit's preferred shares was excluded, its net profit dwindled to PHP6.84 billion. Many analysts say the company will be hard pressed to match even that figure in 2001.