San Miguel Brewery Posts 17% Net Income Growth

Mandaluyong–(PHStocks)–San Miguel Brewery Inc. (PSE: SMB), the brewery unit of San Miguel Corporation (PSE: SMC), has announced full-year audited 2011 consolidated sales net sales revenue of PhP71.9 billion, up 6.3% from the previous year, driven by increases in sales volume, for both domestic and international operations, and higher selling prices.

With the company’s thrust on besting previous year’s sales performance, operating income in 2011 reached PhP20.5 billion, up 10% from 2010’s PhP18.6 billion. Net income after tax grew by 17.4% to PhP12.2 billion, up from PhP10.4 billion in the prior year.

The company approved a planned bond issuance of up to PhP20 billion to fund the redemption of the first tranche of fixed rate bonds amounting to PhP13.6 billion maturing on 3 April 2012, and prepayment of the company’s $300 million term facility.

The new bonds will have minimum term of five years and a maximum term of 10 years.

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