November 18, 2003

Philippines San Miguel 3rd Quarter Net Profit Up 15% Mainly On Sales of Poultry & Dairy Products

Philippines food and drink group San Miguel Corp. has confirmed its third-quarter net profit expanded 15% on year to 1.79 billion pesos ($1=PHP55.156), driven by revenue growth in all the company's main businesses.

Total sales for the July-September period improved 9% on year to PHP35.9 billion.

The company's strong performance in the third quarter boosted its net profit in the first nine months by 6% on year to PHP4.84 billion, according to a statement issued by San Miguel.

San Miguel didn't provide the actual comparative data.

San Miguel said sales during the first nine months rose 9% on year to PHP108.1 billion, while operating income rose 1% to PH9.5 billion.

In the third quarter alone, operating income was also up slightly on year at PHP3.33 billion, the company said, but did not reveal the actual percentage increase.

The San Miguel Pure Foods group had PHP10.4 billion in revenue in the July- September period, up 8% on year. In the nine months to September, the group's revenue improved 7% on year to PHP29.5 billion.

"With improvements in selling prices, particularly poultry and dairy products, operating income in the third quarter improved significantly to PHP481 million from PHP258 million in the first half. Operating income on a year-to-date basis amounted to PHP739 million," San Miguel said.