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NEWS UPDATES 13 August  2010

San Miguel profits drop

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San Miguel Corp. (SMC) said its profit fell in the first half after the conglomerate's asset sale program this year failed to replicate last year's record. The food and beverage giant said its consolidated net income dropped to P6.28 billion from P56.25 billion in the January to June period in 2009.

Last year's increase was largely because of the sale of its 43.25-percent stake in San Miguel Brewery Inc. (SMB) to Japan's Kirin Holdings for $1.2 billion. earmarked for the Philippine conglomerate's venture into new businesses.

Equity in earnings of affiliates increased 22 percent to P1.09 billion, propelled by Manila Electric Co.'s contribution to SMC's earnings. The conglomerate has a 27-percent stake in the country's largest power distributor.

Consolidated sales revenue rose 8 percent to P91.9 billion, while its consolidated operating income grew 40 percent to P12.1 billion.

SMB posted a net income of P5.56 billion, up 14 percent as revenues increased by 11 percent to P27.7 billion because strong consumer spending from election and summer-related activities.

Profit at Ginebra San Miguel Inc. jumped 26 percent to P538 million with sales revenues rising 20 percent to P11.2 billion because of stable fuel and molasses costs.

Domestic liquor volume led by flagship Ginebra San Miguel Gin and GSM Blue rose 9 percent.

SMC's food group registered higher consolidated revenues of P38 billion for the first semester following favorable performance from its poultry, feeds, dairy, coffee and most of the group's regional businesses.

Consolidated revenues of the conglomerate's packaging business grew 13 percent to P11.5 billion on the back of an increase in glass volumes, strong performance from Malaysia, new contracts in Australia and growing export volumes.

The conglomerate's energy businesses-the Sual, Limay and San Roque power plants-posted revenues of P24.1 billion for the first half contributing P699 million to the parent firm's consolidated net income.

SMC's A shares fell from P68 on Wednesday to P67.90 on Thursday, while its B shares also dropped from P68.55 to P68.

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