Printer Friendly

San Miguel net down 64 percent.

San Miguel net down 64 percent

San Miguel Corp. recently reported its net income dropped 64 percent to $9.6 million during the third quarter.

Nonetheless, the Filipino beverage, food and packaging conglomerate notched consolidated sales of $425.6 million--a 16-percent rise during the period.

The quarterly earnings decline was blamed on lower profit from operations, and higher interest expenses. Specifically, the company cited lower sales volume of beer in the quarter. The drop, San Miguel said, was caused by a price increase following a rise in the value-added tax on beer to 50 percent from 37 percent.

The company added that the general economic slowdown combined with rising oil prices, increasing inflation and a depressed peso, also put a strain on sales and profits. Some of these economic problems were offset by cost-cutting and productivity measures, the company explained.
COPYRIGHT 1990 Business Journals, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1990 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Modern Brewery Age
Date:Nov 26, 1990
Words:140
Previous Article:After the revolution, Czechoslovakia works hard to enter western markets.
Next Article:Ball Corp. to purchase part of Continental Can.
Topics:


Related Articles
San Miguel beer now brewed in Nepal.
San Miguel acquires Indonesian brewery.
San Miguel buys 49% of Indonesian brewer.
San Miguel, Barton debuts poster offer.
San Miguel To Sell $821-Million Coca-Cola Amatil Stake.
Update on Coca-Cola Activities in Australia, France and the Philippines.
San Miguel makes takeover bid for Boag.
IN BRIEF.
Kirin buys 15 percent state in San Miguel. (Marketplace).

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters