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February 2, 2009

Philippine F&B company reports 25% rise in net income
San Miguel Brewery, the flagship of Southeast Asia's biggest food and beverage firm San Miguel Corp, said net income rose 25.3 percent in 2008 to 10 billion pesos ($212 million) as promotions boosted beer sales.

Revenue climbed 11 percent from 2007 to 48.8 billion pesos, the company said in a statement.

There was also tighter focus on cost control, with good progress on efficiency and volume generating programmes, it said.

San Miguel Brewery listed on the Philippine Stock Exchange last February.

Japan's Kirin Holdings Co, which owns 20 percent of San Miguel Corp, said last month it is in talks to buy a 43.25 percent stake in San Miguel Brewery in a deal that could cost $1.26 billion.

Parent firm San Miguel, meanwhile, is diversifying into oil and other sectors.

In December, it announced it was buying a majority stake in Petron Corp, the country's biggest oil refiner. Earlier it bought a 27 percent stake in utility firm Manila Electric Co.

It has also said it would pursue a joint venture with Qatar Telecom to offer wireless broadband and mobile phone services in the Philippines.

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