Philippines: San Miguel Corp. recorded a 1.9 % rise in 2005 net income

The largest Southeast Asia's food and drinks group, San Miguel Corp., recorded a 1.9 percent rise in 2005 net income, slightly lower than the earlier reported 3 percent growth, Reuters posted on April 17. A copy of its financial report is submitted to regulators showed on 17 April 2006.

The second-largest company from Philippines' said its audited net income was 9.03 billion pesos ($176 million) in 2005, up from 8.86 billion pesos in 2004. In March, the company reported an unaudited 2005 net income of 9.15 billion pesos.

Analysts have a consensus profit forecast of 9.01 billion pesos this year, rising to 10.7 billion pesos in 2007. San Miguel said without one-off items related to its purchase last year of Australia's largest dairy firm, National Foods, its net income in 2005 would have risen 8 percent from 2004.

The company, 20 percent owned by Japan's Kirin Brewery Corp. , recorded interest expense and financing charges of 11.82 billion pesos last year against 3.61 billion pesos in 2004, largely due to additional debt it incurred to fund the purchase of National Foods.

San Miguel's A shares, exclusive to local market participants, were unchanged at 60 pesos, while its B shares, open to all investors, gained 0.64 percent to 79 pesos. ($1=51.2 pesos)

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