San Miguel sets sights in Asian region

San Miguel sets sights in Asian region

Philippine food and beverages giant San Miguel set its sights on expanding abroad Tuesday after posting a 30 percent rise in net profit for the first quarter, boosted by brisk beer sales.

San Miguel Corp. said its non-alcoholic and alcoholic beverages segments acted as the "main growth driver" for the quarter but there were also "significant income improvements" in the company's food division.

Company officials expressed confidence of an even better result this year, as they affirmed San Miguel would step up its expansion overseas.

San Miguel said its net profit for the three months to March came in at 1.74 billion pesos (US$31.29 million), compared with 1.34 billion pesos in the same period last year.

Chairman and chief executive Eduardo Cojuangco said the company planned to expand abroad and was hopeful it could eventually "earn more outside" the Philippines than in its domestic market.

"With the dominance of San Miguel in our markets here, we have to prepare for greener pastures," Cojuangco said on the sidelines of a shareholders meeting.

He identified Australia, China, Indonesia, Taiwan, Thailand and Vietnam as markets the company could target in the near future but said he could not give more details until they were approved by the board.

San Miguel has recently announced plans to invest in a non- alcoholic beverage venture in southern China, acquiring a Thai brewer, setting up a food and beverage manufacturing complex in Thailand and acquired a food processor in Vietnam. -- AFP