The Phillipines food conglomerate San Miguel Corporation (SMC) has budgeted P 40 billion for capital expenditures to finance its additional operational improvement projects in 1995 to 1997. The financ…
The Phillipines food conglomerate San Miguel Corporation (SMC) has budgeted P 40 billion for capital expenditures to finance its additional operational improvement projects in 1995 to 1997. The financing will cover future projects and those currently under construction, including SMC“s fifth Philippine brewery, two breweries in China, and a glass plant in Vietnam. SMC exports its beer products to over 30 countries, mainly concentrated in the Asia-Pacific region. It plans to export to the US and Latin America in the future. SMC recently reported that its profit before non-recurring items dropped by 23% to P 2.99 billion in the first nine months of the year from P 3.9 billion from the same period last year. SMC suffered a 10% decline to P 1.05 billion from P 1.16 billion in net income in the third quarter of the year alone. However, this is already an improvement compared with the decline of 35% and 24% in the first two quarters, the company said in a statement. Total sales revenue amounted to P 19.3 billion for the third quarter, reflecting an increase of 5% from P 18.4 billion a year ago. Domestic beer sales volume increased by 1% in the third quarter due to improved farm incomes owing to a recovery in agricultural production.