SMC's Aussie subsidiary posts revenue hike

this story was taken from www.inq7money.net
URL: http://money.inq7.net/topstories/view_topstories.php?yyyy=2006&mon=01&dd=03&file=7

SMC's Aussie subsidiary posts revenue hike
Posted: 3:33 AM Jan. 03, 2006
Inquirer

Published on page B1 of the January 3, 2006 issue of the Philippine Daily Inquirer

BERRI LTD., San Miguel Corp.'s wholly owned juice subsidiary in Australia, reported its revenues rose 3 percent to A$371.9 million from January to September last year over the same period in 2004. The company also reported an operating income of A$20.3 million for the nine-month period, San Miguel said in a disclosure yesterday to the Philippine Stock Exchange.

San Miguel had said it had fully acquired through its wholly owned subsidiary, National Foods Holdings Ltd., the remaining 49-percent stake in Berri for approximately A$169 million.

Berri is Australia's leading juice manufacturer. Its brands include Berri, Daily Juice, Australian Fresh, Just Juice and Juice It Up. Apart from juices, Berri also produces bottled water.

San Miguel initially bought half of Berri in August 2004, then acquired another 1 percent several months later to give it control and enable the integration of its operations with Australian dairy firm National Foods earlier this year.

Berri churns out roughly A$600 million in annual revenues. The company's extensive export trade spans 20 countries, mainly in Asia and the Middle East. Berri's integration into National Foods is seen to double National Foods' exports to the Asia-Pacific over the next two years.

Some A$55 million of National Foods' and Berri's combined revenue currently come from key export markets like Hong Kong, Malaysia, Singapore and Indonesia. Elizabeth L. Sanchez

copyright ©2006 INQ7money.net all rights reserved