The Philippine food and drink group, San Miguel Corp. (SMC), has reported a net profit for 2002 of PHP6.63 billion, up from PHP6.47 billion in 2001.

Excluding restructuring charges, San Miguel said its net profit was PHP7.2 billion. San Miguel issued a profit forecast of PHP7 billion for 2002, while a Thomson First Call survey of 13 analysts' forecasts indicated an average forecast of PHP6.768 billion for 2002.

Operating income rose by 18% to PHP12.4 billion in 2002 which San Miguel described as a year of "consolidation, rationalisation and integration". Group revenues for 2002 were 12% up at PHP136 billion. Beverage revenues rose by 15%, the company said.