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At end-September, San Miguel Brewery Inc.'s (SMB) net income inched up 2 percent to P7.2 billion, while its intentional unit posted a 313-percent increase in profit to $2.72 million from a loss a year ago. "Volume improvements, combined with cost management and stable raw material prices, boosted SMB's performance after a difficult first three months for the company's beer unit," SMC said. The local brewery's nine-month revenues and operating income were both up 5 percent to P37 billion and P11.3 billion, respectively. With the Octoberfest kick-off in September, the local beer unit is expected to further improve volumes and consumption for the rest of year, SMC said. Ginebra San Miguel, on the other hand, also posted a 191-percent to P580-billion growth from P199 billion in the same period last year. The liquor unit also reported a double-digit revenue expansion of P14.1 billion, up 27 percent from the same period last year. Ginebra's operating income rose 41 percent to P872 million because of the strong performance resulting from the sustained improvements in alcohol production and product distribution costs. The company's food business, meanwhile, registered a net income growth of 51 percent to P2.3 billion from P1.5 billion a year ago. This was supported by the 5-percent to P55.9-billion increase in sales revenue year on year, while operating income surged 51 percent to P2.31 billion. Because of the strong demand for glass, plastic, and metal for the first nine months, the conglomerate's packaging business was able to register substantial gains as shown by the 41-percent increase in operating income that reached P1.4 billion, SMC said. To see more of The Manila Times, or to subscribe to the newspaper, go to http://www.manilatimes.net. Copyright (c) 2009, The Manila Times, Philippines Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. For full details for SMGBY click here.
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