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Philippines' San Miguel 2Q profit jumps sixfold

Philippines' San Miguel 2Q profit jumps sixfold to $1 billion

  • On 10:15 pm EDT, Tuesday September 1, 2009

MANILA, Philippines (AP) -- Philippine food and beverage conglomerate San Miguel Corp. has reported a sixfold increase in second-quarter profits, mainly from the sale of assets.

Net profit in the second quarter jumped to 52.92 billion pesos ($1.08 billion) from 8.69 billion pesos a year earlier, the company said Tuesday, pushing its first-half earnings to more than double to 55.63 billion pesos ($1.1 billion).

Earlier this year San Miguel sold a 43.25 percent stake in San Miguel Brewery Inc. to Japan's Kirin Holdings Co.

San Miguel holds around 95 percent of the beer market in the Philippines and also operates in Hong Kong, China, Indonesia, Vietnam, Thailand and Malaysia.

San Miguel Corp.: http://www.sanmiguel.com.ph

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