Southeast Asia's largest beverage and food group San Miguel Corp posted on May 5, 2002 its income rose 21 % in the first quarter on stronger beer and soft drink sales and lower debt servicing costs. Although the year-on-year growth was not as spectacular as the 40 percent rise most analysts had expected, the company was optimistic about its earnings performance this year as it embarks on an ambitious expansion plan in seven Asian countries.

San Miguel, 15 percent owned by Japan's Kirin Brewery Co Ltd, earned net income of 1.34 billion pesos ($25.5 million) in the first three months of the year against a profit of 1.11 billion pesos in the same period of last year. "I think they experienced lower international sales because of SARS, and also in poultry," said Astro del Castillo, analyst at A&A Securities Inc. "The second quarter will be a better quarter for them given the hot summer season," he said.

Eduardo Cojuangco, San Miguel chairman, told the company's stockholders the outbreak of Severe Acute Respiratory Syndrome (SARS) had partly weighed down the company's performance particularly in China and Hong Kong.

08 May, 2003