Philippines: San Miguel Corporation (SMC) sustained its strong performance in the first semester with consolidated net income reaching P4.0 billion, up 31% versus last year, SMC posted on August 5. This increase was achieved on corporate volume growth to-date of 6% over last year and consolidated sales revenue of P81.28 billion, 13% higher than last year.

First half consolidated operating income amounted to P8.11 billion, a 32% increase over last year. The improvement largely resulted from higher beer volumes, the fixed cost containment of the Coca-Cola Beverage Group, significant improvements of the food group and the recovery of SMC's beer international operations.

Domestic beer's year-to-date operating income rose 25% to P4.0 billion while total revenue registered a 22% increase to P18.3 billion on a beer volume growth of 19% over last year.

Meanwhile, international beer sales volume went up 17% for the first semester with sales revenue reaching US$120.1 million.

Substantial progress has also been achieved in SMC's regional expansion program with successive groundbreaking activities for new facilities in Thailand, Indonesia and Vietnam, reflecting the Company's confidence that it has the products and brands that will appeal to a variety of regional tastes.

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