Philippines' San Miguel reports fall in Q2 net profit this year

PHILIPPINES - Philippines' San Miguel Corp. has reported its Q2 net profits this year fell more than eight percent, due to higher raw material costs and interest payments.
calendar icon 12 August 2005
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Philippines' San Miguel reports fall in Q2 net profit this year - PHILIPPINES - Philippines' San Miguel Corp. has reported its Q2 net profits this year fell more than eight percent, due to higher raw material costs and interest payments.

Analysts expected the second half of this year to be more difficult for San Miguel as the weak peso would raise costs of imported inputs and interest payments.

Also, the company's recent US$1.5-billion deal to acquire Australia's National Foods Ltd., was not expected to deliver substantial contributions to its profits this year.

San Miguel earned a Q2 net profit of 2.07 billion pesos this year compared with 2.26 billion pesos the previous year, according to reports.

The company reported first half net profit at 3.85 billion pesos, down 3.7 percent year-on-year.

Full-year profit was expected to rise 7 percent to 8.65 billion pesos from 8.08 billion in 2004, according to analysts.

Source: eFeedLink - 12th August 2005

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