South East Asia's largest food and beverage firm, based in Philippines, San Miguel Corporation, announced on July 14 that it expects its first half net income to grow about 30 % versus the same period a year ago, according to Reuters. San Miguel rules the Philippine beer market with a 90 % share. The group is 15 % owned by Japan's Kirin Brewery Co Ltd. "Profit would be a little less than 30 % increase," Eduardo Cojuangco, company chairman and chief executive officer, told reporters when asked about the company's likely net income in the first half. San Miguel posted a net income of 3.01 billion pesos ($56.4 million) in the first six months of 2002. Cojuangco added that San Miguel was likely to record a 30 % year-on-year jump in revenues and operating income in January to June.
US$1 = 53.4 pesos

14 July, 2003