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San Miguel: current growth, future concerns

Despite strong 2000 performance, political uncertainties cloud future prospects for Philippines group San Miguel Corporation (SMC).
SMC reported 20% net profit growth to 5 billion pesos in the first …

Despite strong 2000 performance, political uncertainties cloud future prospects for Philippines group San Miguel Corporation (SMC). SMC reported 20% net profit growth to 5 billion pesos in the first nine months of 2000, compared with 4 billion pesos in the same period of 1999. The performance of its packaging division helped boost SMC results. Revenue for the nine months increased 16% to 63.8 billion pesos, while operating income rose 20% to 5.6 billion pesos. For the full year, SMC profits are expected to reach around 6.75 billion, 12% up on the 1999 year-end figure. Economists have warned, however, that gross domestic product growth in 2001 could slow to 2%, just half of the government“s official target, if the crisis provoked by corruption allegations against President Estrada continues.

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