SMC net income seen to be lower

San Miguel Corp.’s consolidated net income dropped about two to three percent in 2001 against the previous year, a senior company official said yesterday.

Vice-chairman Ramon Ang told reporters at a special shareholders’ meeting: "Thirteen percent (rise in 2001 net income), that is only for San Miguel, but if you would include Coke and Pure Foods, net is down 2-3 percent."

Ang added that revenues for the parent rose 48 percent in 2001 from year-ago levels. San Miguel’s results will be officially released on Thursday morning, he said.

San Miguel announced a net profit in 2000 of P7.5 billion but this included about P670 million in non-recurring income. Multex Global Estimates net profit consensus for 2001 is 7.2 billion pesos, or three pesos a share.

In 2001, San Miguel completed the re-acquisition of a majority stake in Coca-Cola Bottlers Philippines (CCBPI) from Australia-based Coca-Cola Amatil (CCA).

San Miguel also purchased processed meats company Pure Foods Corp. from Ayala Corp. and RFM Corp.’s 83 percent stake in soft drinks maker Cosmos Bottling Corp. last year.

Ang also told reporters that the company was aiming to spend around $1 billion for acquisitions in the food and beverages sector this year, and that it would make an announcement of a major acquisition in the next few months. He did not elaborate.