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San Miguel Corp., said its beer business posted a 38.2 percent increase in profit to P6.8 billion from P4.92 billion in the first quarter of the year.
Revenues grew 29.3 percent increase to P38.3 billion from P29.7 billion.
“San Miguel Brewery posted consolidated operating income of P8.4 billion, up by 25.0 percent compared to last year,” the company said.
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Domestic beer volumes grew 26.1 percent on the back of new brand campaigns and offtake-generating programs, complemented by relaxed restrictions.
The international operations meanwhile posted a 28.5 percent increase in sales volume from its exports business and Hong Kong operations.
“Volumes however are still 16.4 percent short of 2019 pre-pandemic levels,” the company said.
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