Philippine: San Miguel Corporation reported 9-month to September sales are up by 14%

San Miguel Corporation (SMC) posted November 16 steady September year-to-date results. Consolidated net sales revenue in the nine months to September rose 14% to PHP183.0 billion while consolidated operating income grew 25% to PHP14.7 billion as cost-savings programs across the entire organization mitigated the impact of rising costs. Net income surged 18% to PHP6.17 billion despite higher financing costs.

San Miguel Beer Division’s nine-month operating income in its Domestic Operations was 13% above last year at PHP6.54 billion, with the business also benefiting from cost-efficiency programs. Its nine-month 2006 revenue hit PHP29.1 billion, matching last year’s level following sustained efforts to increase brand presence and beer consumption.

International beer operations reaped end-September volumes 9% better than last year as robust exports and strong volumes were sustained in Greater China, spiked by a 14% growth in the North and a 9% improvement in the South. Total SMC international beer sales revenues amounted to US$217.9 million, 5% higher than a year ago.

Ginebra San Miguel Inc. (GSMI) achieved higher revenues of PHP9.28 billion in the first nine months following impressive growth in its range of new products, particularly brandy and GSM Blue, and a recovery in gin volumes. GSMI operating income stood at PHP798 million.

San Miguel Food Group’s consolidated sales revenue in the nine months to September grew 5% to PHP46.1 billion, with sustained volume growth and better prices across most of its businesses. Operating income of the Food Group totaled PHP1.53 billion.

The combined NFL/Berri generated sales revenue of AU$ 1.34 billion contributing operating income of AU$103 million. These were both 6% higher than their performance last year.

San Miguel Corporation is Southeast Asia's largest publicly listed food, beverage, and packaging company. Founded in 1890 as a brewery, the company has over 120 facilities in the Philippines, Southeast Asia, China, and Australia. First articulated in 2002, the company's regional expansion program is San Miguel's central strategy priority.

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