Philippines' San Miguel Corp said on July 18 its consolidated sales for the first five months of 2003 rose 9% from a year earlier, suggesting the Southeast Asian food and beverage giant might miss a recent first-half sales estimate, Reuters reported. The company did not give exact sales figures but said in a statement the growth was due to double-digit gains from domestic beer, liquor and packaging.

San Miguel, which rules the Philippine beer market with a 90 % share, has four breweries in China and Hong Kong.
Domestic beer sales in the January to May period were up 13 % on a year earlier, liquor sales 15 percent and packaging 20 percent, the statement said.

San Miguel, which is 15 % owned by number-two Japanese beer maker Kirin Brewery Co Ltd , closed unchanged at 52 pesos; its B shares rose 1.67 % to 61 pesos. The main stock index climbed 1.24 % to 1,300.87.

San Miguel Chairman Eduardo Cojuangco told reporters last week the company's consolidated sales and operating income may have expanded about 30 % in the first half of 2003, with net income growth in the same period slightly below 30 %.

A San Miguel source told Reuters on Monday Cojuangco's projection did not take into account the impact of SARS.
The source said the group's sales would have been higher in the first five months if not for the impact of the deadly Severe Acute Respiratory Syndrome.

21 July, 2003