SMB nets P8.25B

LEADING beer-maker San Miguel Brewery (SMB) booked a 20 percent year-on-year growth in first semester net profit to P8.25 billion, tracking robust consumer spending during the presidential election season.

In a press statement on Tuesday, the beer unit of conglomerate San Miguel Corp. reported that consolidated revenues rose by 19 percent to P47.4 billion during the first six months of the year.

SMB said sales volumes were boosted by election-related spending.

Domestic beer volumes grew by 17 percent to 101.3 million cases, translating to revenues of P41.6 billion.

The Philippine economy expanded by 6.9 percent in the first quarter. Household consumption rose by 7 percent due to manageable consumer prices and improved labor market. The unemployment rates of 5.8 percent as of January 2016 was the lowest in 10 years.

Apart from robust macroeconomic fundamentals, SMB said the company implemented new brand campaigns, consumer and outlet promotions and trade programs to boost consumption of SMB brands in the Philippines.