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2004-3-3 12:56:00 p.m. HKT, XFNA
San Miguel Brewery Hong Kong reports 2003 EBITDA 59.5 mln hkd
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MANILA (AFX-ASIA) - San Miguel Brewery Hong Kong Ltd posted earnings
before interest, taxes, depreciation and amortization (EBITDA) of 59.5 mln
usd for the full year to Dec 2003.
The unit of San Miguel Corp, the Philippines' largest food and beverage
conglomerate, did not provide comparative figure in a disclosure to the
Philippine Stock Exchange.
The Hong Kong unit's 2003 revenue came in at 1.16 bln hkd, down 13 pct
from 2002 due to the adverse impact of the SARS outbreak in the first half
and a ""purposive drive"" to cut trade receivables, which fell by 75.4 mln hkd.
""The shift towards the low-priced segment of the beer market in Hong Kong
also affected top-line sales, resulting in net loss of 32.8 mln usd, or 216.7
mln pesos,"" San Miguel Corp said in the disclosure.
San Miguel said the South China operations of its Hong Kong unit reported
an operating profit for 2003, a major improvement over 2002. Improved sales
and distribution systems succeeded in growing volumes in key areas in that
region, it added.
""While 2003 was a difficult year, the company remains committed to
consolidating its position in the Pearl River Delta region and ensuring that
San Miguel stays the preeminent beer brand there,"" San Miguel said.
cecille.yap@afxasia.com
cey/ds
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