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San Miguel sees 2000 profit increase

Philippine food and beverage giant San Miguel Corp. expected a 20% rise in net income for 2000 from Pso 6.02 billion in 1999, chairman and chief executive officer Eduardo Cojuangco Jr. said.
“We feel…

Philippine food and beverage giant San Miguel Corp. expected a 20% rise in net income for 2000 from Pso 6.02 billion in 1999, chairman and chief executive officer Eduardo Cojuangco Jr. said. “We feel we will end with a 20% (growth) over last year,” Cojuangco told reporters at his 5,000 hectare farm in Negros Occidental province in the central Philippines. He said the growth in earnings would be broad-based. San Miguel is one of the Philippines“ largest companies. Its revenues account for about 4% of national output. Barra“s The Estimate Directory made a net profit consensus of Pso 6.91 billion for 2000, equivalent to Pso 2.90 a share. In the first four months of the year, San Miguel recorded a 25% increase in net income to Pso 1.95 billion from 1.56 billion in the same period last year. The jump in profit was attributed to strong sales helped by an improving beverage business and lower financing charges. The firm, which early this year was sitting on a cash hoard of nearly US$ 1 billion from previous asset sales, aims to further strengthen its market locally and overseas through new investments, company officials have said.

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