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PHILIPPINES: SMC first half net profit down 21%

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The food and beverage group, San Miguel Corp. (SMC), reported first half net profit of PHP3.01 billion ($58.7m), down 21% on last year. The company attributed the fall in part to the cost of integrating new acquisitions. Stripping out one-off costs, the group's recurring net profit was PHP3.2 billion, the company said.


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