The Philippines: San Miguel Brewery posts 12.4% increase in first-semester net profit

Philippine beer giant San Miguel Brewery (SMB) increased its net profit in the first semester by 12.4 percent year-on-year to P13.3 billion as higher sales volume boosted revenues by a double-digit pace, Inquirer.net reported on August 6.

Six-month revenues went up by 12 percent to P 70.3 billion, the beer unit of conglomerate San Miguel Corp. (SMC) disclosed to the Philippine Stock Exchange on August 6.

The growth was attributed to �higher volumes along with campaigns that engaged with consumers and initiatives to expand its footprint here and abroad.�

Earlier, SMC announced it is investing some $650 million to further grow its local and international breweries and bottling plants.

Operating income for the six-month period reached P18.9 billion.

Meanwhile, the international operation of SMB similarly posted improvement in revenue and operating income. This was attributed to �higher export efficiencies, prudent fixed cost management and favorable selling prices in Vietnam, Thailand, and Indonesia.�