PHILIPPINES: San Miguel Corp sales rise in 08

San Miguel Corp has reported a 14% net sales rise for 2008, including a return to growth for its international beer business.

San Miguel Corp said yesterday (26 March) that net sales for the 12 months of 2008 reached PHP168bn, up from PHP148bn in 2007.

Unerlying net income, excluding one-off gains on disposals, rose by 4% to PHP7.2bn. Operating profit rose by 26% to PHP14.8bn, the Philippines-based group said.

Among the positives for the year was a return to growth for San Miguel's international beer operations. Following losses last year, San Miguel reported "steady gains" in Indonesia, North China, Thailand and Hong Kong.

Subsidiary San Miguel Brewery reported volumes up 4% and net sales up by 11% for the year.

San Miguel's spirits business, Ginebra San Miguel, reported a 9% increase in volumes.

San Miguel Corp has agreed to sell 43% of San Miguel Brewery to Kirin Holdings for PHP59bn (US$1.2bn). Kirin has also launched a tender offer to raise its stake to PHP7.8bn ($161m).