Philippines: San Miguel Corporation (SMC) announced on June 4, 2004 it notched further gains from its robust first quarter performance with net income for the January to April period rising 32% to P2.42 billion while consolidated net sales revenue reached P53.5 billion, up 18% versus last year. Earlier, the Company reported growth in net income of 30% and revenue growth of 15% for the first quarter.

With continued strong sales of both domestic and international beer operations, coupled with the positive performance of all of SMC's businesses, consolidated operating income for the period ending in April amounted to P4.96 billion, 39% above last year's level. Corporate volume growth as of April is 8% higher than a year earlier, a further improvement from the 6% gain in the first three months.

Domestic beer's year-to-date operating income amounted to P2.84 billion, 29% better than last year. April year-to-date revenue registered a 26% increase to P12.6 billion with volume growth remaining strong at a 23% gain over 2003

International beer sales were likewise brisk, registering a 15% increase in volume for the first four months of 2004. Sales revenue reached US$79.1 million.

San Miguel Corporation is the largest publicly-listed food, beverage, and packaging company in the Philippines. Founded in 1890 as a brewery, the company has over 100 facilities in the Philippines, Southeast Asia, China, and Australia. San Miguel's flagship product, San Miguel Beer, holds over 90% share of the Philippine beer market. It is among the world's largest selling beers and is one of the top three brands in Asia. The Company has five breweries in the Philippines, one brewery each in Indonesia and Vietnam, and four breweries in China, including Hong Kong. Ginebra San Miguel, Inc., a San Miguel subsidiary, is the leader in the Philippine distilled spirits market.

08 June, 2004