Philippines, Manila: San Miguel Corp, Southeast Asia's largest food and beverage firm, said on May 27 its net income rose 32 % to 2.42 billion pesos ($43.3 million) in January to April from the same period of 2003. The company said strong domestic and international beer operations lifted consolidated net sales to 53.5 billion pesos during the four-month period, up 18 percent from a year earlier. Forecasts for San Miguel's full-year profit range from 7.4 billion to 9.2 billion pesos, according to Reuters Estimates.

The company, which is 15 percent owned by Japan's Kirin Brewery Co Ltd, had net income of 7.37 billion pesos in 2003. Analysts had expected a strong start to the year for San Miguel due to spending related to national elections that were held in the Philippines on May 10.

The group sells nine of every 10 bottles of beer consumed in the Philippines and also dominates store shelves with its soft drinks, processed meat and poultry. Beer and other alcoholic beverages account for about a third of its revenues.

San Miguel, the Philippines' biggest company, said in a statement the volume of domestic beer sales rose 23 % in the first four months of the year from the same 2003 period.

Beer revenues for January to April jumped 26 % to 12.6 billion pesos. The volume of international beer sales grew 15 % in the first four months from a year earlier. San Miguel has four breweries in China and one in Vietnam, Indonesia and Australia.

31 May, 2004