BY UNICAPITAL SECURITIES
San Miguel Corp. (SMC)‘s beer unit reported its net income still grew 8% in 2014, despite the imposition of higher excise taxes in the Philippines.
In a statement, San Miguel Brewery Inc. said consolidated net income reached PHP 13.5 billion, up 7.9% from 2013 levels.
SMB said consolidated sales revenues rose 5% to PHP 79 billion, driven by a strong rebound in domestic beer volumes to 172.5 million cases.
Also, improved collections led to a 6% drop in consolidated accounts receivables.