San Miguel Corp. said domestic beer sales in the nine months to September, which account for close to a third of total revenues, declined 5% to PHP 20.3 billion from PHP 21.4 billion a year ago.
The …
San Miguel Corp. said domestic beer sales in the nine months to September, which account for close to a third of total revenues, declined 5% to PHP 20.3 billion from PHP 21.4 billion a year ago. The Philippine food and beverage group said the decline reflected the continued contraction of the beer industry. Beer sales in the third quarter rose 3% to PHP 6 billion from PHP 5.8 billion in the same period last year. International beer sales in the nine-month period rose 7% to US$ 198.6 million from US$ 184.9 million in the year-earlier period. Operating income from these operations rose to US$ 4.7 million from US$ 4.0 million in the period. San Miguel said volumes were weak in the third quarter, particularly from south China and Indonesia after higher year-ago sales. In the nine-month period, the volume of international beer sales rose 2%. Hong Kong, Vietnam and north China showed modest increases in volumes and operating income, said San Miguel, adding that its Australian brewer, J. Boag & Son, “maintained its strong performance”. San Miguel reported that group sales rose 44% to PHP 91.7 billion in the nine-month period due largely to recent acquisitions. Sales of La Tondena rose 21% to PHP 4 billion in the third quarter from PHP 3.3 billion in the year-earlier period. In the nine months to September, La Tondena“s sales totalled PHP 11.8 billion, up 15% from the year-ago period, while operating income rose 2% to PHP 2.2 billion. Sales of Coca-Cola Bottlers Philippines Inc. (CCBPI) rose 12% to PHP 14.7 billion from May to September from the year-earlier period. Five months of contributions of CCBPI were consolidated in the nine-month earnings after the company was acquired earlier this year from Coca-Cola Amatil Ltd. of Australia in a joint venture with Coca-Cola Co. CCBPI“s five-month net profit declined 14% to PHP 262 million from PHP 305 million in the year-earlier period due to increased financing charges.