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San Miguel net up

San Miguel Corp.“s (SMC) net profit in 2001 rose 13% from the year-earlier level, the Philippine food and beverage group“s Vice-Chairman Ramon Ang said at the end of February. Ang didn“t provide fi…

San Miguel Corp.“s (SMC) net profit in 2001 rose 13% from the year-earlier level, the Philippine food and beverage group“s Vice-Chairman Ramon Ang said at the end of February. Ang didn“t provide figures, but said the increase excludes SMC“s recent acquisitions of Pure Foods Corp. and Coca-Cola Bottlers Philippines, Inc. “With these two acquisitions, the net profit would have been several percentage points lower,” Ang told a special shareholders“ meeting. San Miguel“s net profit in 2000 was PHP 7.5 billion (US$ 1=PHP 51.354). Ang said San Miguel expects to announce a major acquisition in two or three months. Ang estimated San Miguel“s revenue last year expanded 48%, while operating income improved 32%, excluding recent acquisitions. Aside from Pure Foods and Coca-Cola, San Miguel also completed the acquisition of Cosmos Bottling Corp. in January. Ang said taking into account SMC“s of acquisitions, its bottom line in 2001 would have contracted between 2% and 3%. San Miguel was expected to release its 2001 financial report on 28 February. For the whole year, Ang said San Miguel may spend as much as US$ 1 billion in new acquisitions, which will be financed by proceeds from the sale of a 15% stake in San Miguel to Japan“s Kirin Brewery Co. Ltd. (KNBWY) for US$ 536 million, and proceeds from previous asset divestments.

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