San Miguel first quarter income down 76 percent

MANILA: Food and beverage conglomerate San Miguel Corp.'s net income fell 76 percent for the first quarter, but its brewery arm saw an 8 percent gain, the company said Monday.

The Philippine corporation's income fell to 2.7 billion pesos ($56.2 million), compared to 11 billion pesos ($229 million) from the same period last year citing the global economic slowdown and lagging consumer demand.

But San Miguel Corp. said it posted a stronger-than-expected 8 percent growth in revenues to 41.9 billion pesos ($87.3 million). It also said its first quarter net income before one-off items and foreign exchange gains rose 25 percent to 2.83 billion pesos ($58.95 million).

San Miguel Brewery, which is partly owned by Japan's Kirin Holdings Co., also posted an 8 percent gain to 2.66 billion pesos ($55.5 million).

"The first quarter was very challenging for us but we delivered good results which only prove that the group was geared up to face the challenges head on," said San Miguel Corp. President Ramon S.