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