GMANews.TV - San Miguel Q1 profit doubles on Coke sale
Food and beverage giant San Miguel Corp. said Tuesday its net income for the first quarter of the year doubled to P4.33 billion due to the sale of its stake in Coca-Cola Bottlers Phils.
Excuding proceeds of the sale, the firm said its revenues grew 7 percent on year, to P55.4 billion. The company's consolidated operating income, however, declined 24 percent to P3.8 billion owing to "external factors" that affected the performance of Ginebra San Miguel Inc., and an 8-percent increase in excise taxes effected in January.
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