San Miguel's profits fall

San Miguel's profits fall

MANILA (AFP): San Miguel Corp. said yesterday net profits excluding one-off items fell 2.2 percent from a year earlier to 5.26 billion pesos (US$202 million) in 1996.

The brewing giant's net profits including one-off gains rose four percent from a year earlier to 6.09 billion pesos over the same period, it added.

The conglomerate said sales rose 11 percent to 85 billion pesos.

"San Miguel's 1997 earnings are expected to exhibit significant growth. Market and distribution programs are aimed at increasing volumes by over 10 percent," it said in a statement.