San Miguel Net Profits Slip

San Miguel Corporation’s H1 net profit in 2010 was PHP6.28bn ($138.3m), down 89% from PHP55.63bn ($1.2bn) in the same period last year.

The Philippine food and beverage conglomerate said its first-half operating income rose 40% to PHP12.1bn ($267m), while total sales increased 8% to PHP91.9bn ($2.02bn) in the same period a year ago.

San Miguel Brewery’s (SMB) first-half net profits rose 14%, the company said.

SMB’s net profit during the period rose to PHP5.56bn ($122m) from PHP4.86bn ($107m), while revenue rose 11% to PHP27.7bn ($611m) from PHP24.8bn ($547m) in the year-earlier period.

San Miguel has announced plans to sell at least 49% of its food operations under San Miguel Pure Foods to raise funds for an expansion.