SAN Miguel Corp. (SMC) said Thursday its net income for the nine-month period rose 15 percent to P7.07 billion as it booked a final gain of P870 million from the sale of Coca-Cola Bottlers Phils. Inc.

Earnings would have been higher, the food and beverage conglomerate said if not for a net of consolidated financing charges of P4.73 billion.

Revenues reached P170 billion, or 8-percent better than figures for the same period last year. Beer, hard liquor and domestic food businesses continued to show encouraging results while National Foods continued to feel the impact on margins of the dry spell in Australia.

Consolidated operating income amounted to P12.3 billion, 14-percent lower in the same comparable period. The numbers are an improvement from the first quarter drop of 24 percent and first semester’s shortfall of 19 percent.

“This is mainly due to the much lower than expected operating income performance of National Foods, which was affected by the persistently high costs of dairy-raw materials and imported juice concentrates due to tight supply amid the prolonged drought,” SMC said in a statement.

The domestic beer business recorded seven straight months of volume and revenue growth, registering 6 and 7 percent increases, respectively, from January to September. Lower cost of raw materials effectively complemented internal cost-management measures that resulted in a 31-percent increase in operating income.

International beer operations, meanwhile, sustained its profitability for the fourth consecutive month driven by robust North and South China operations. Sales revenue ended 8 percent higher and an operating income of $4.3 million was a turnaround from last year’s operating loss.

Hard liquor unit Ginebra San Miguel Inc. recorded a 6 percent growth in volume year-on-year driven by domestic liquor sales and exports. Revenue came in at P9.5 billion.

The San Miguel Food Group, for its part, posted revenues of P43.5 billion for the first nine months of 2007. In the third quarter alone, sales rose 8 percent as higher volumes across almost all businesses and favorable price environment persisted.

San Miguel Packaging Specialists Inc., on the other hand, continued to bear weak demand from beverage customers. Thus, revenue came in lower and operating income fell to P365.6 million, the company said.

SAN Miguel Corp. (SMC) said Thursday its net income for the nine-month period rose 15 percent to P7.07 billion as it booked a final gain of P870 million from the sale of Coca-Cola Bottlers Phils. Inc.

PLDT seeks new terms for bonds

PHILIPPINE Long Distance Telephone Co. (PLDT) plans to change the conditions of its bond issues in an effort to gain flexibility in payment terms, dividend payments and leverage ratios under the original stipulations of the float.

BROADBAND subscribers of rivals Philippine Long Distance Telephone Co. (PLDT) and Globe Telecom would reach a combined 670,000 by the end of the year.

PUBLICLY listed First Gen Corp. said Thursday its net income rose 50 percent to $100 million in the third quarter compared to the same period a year earlier.

ECONOMY hotel chain Microtel Inns and Suites (Pilipinas) Inc. will open new sites in Cebu, Nueva Ecija, SM Mall of Asia and Palawan by 2008.

MEMBER of Fortune Medicare Inc., or FortuneCare, a leading health maintenance organization (HMO), can now pay their membership dues at selected SM Malls nationwide through the Banco de Oro On-Site Payment Facility.

Did you know  1: Too bad that only the military and veterans can avail themselves of the 16-percent interest rate for one-year time deposits at the Armed Forces of the Philippine Savings and Loans Association Inc. (AFP-SLAI). Commercial banks give only 5 percent under the same terms.