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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.
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Publication:Modern Brewery Age
Date:Nov 26, 1990
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