050807: San Miguel profit doubled on Coke sale in Q1
May 08, 2007 Updated 15:44:07 (Mla time)
Reuters
MANILA, Philippines -- San Miguel Corp., Southeast Asia's largest food and beverage group, said on Tuesday first-quarter net income doubled after it sold its stake in a soft drinks and bottler unit to Coca-Cola.
The Philippines' second-largest listed group had said on Monday it wanted to venture into mining, power, infrastructure and the utility sector in the Philippines to boost growth in its saturated and volatile home market.
San Miguel reported net income of P4.33 billion ($92 million) in the first quarter.
Analysts expect the company to post full-year net income of P11.19 billion this year, up 5.6 percent from P10.6 billion in 2006, according to Reuters Estimates.
Shares of San Miguel, partly owned by conglomerate SM Investments Corp. and Japan's Kirin Brewery Co. Ltd., closed up 2.04 percent while the main index inched up 0.12 percent.
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