San Miguel 2008 net profit up 124%

"MANILA (AFP) — San Miguel Corp., one of the Philippines' largest companies, said Thursday that net profits rose 124 percent from a year earlier to 19.3 billion pesos (400.5 million dollars) in 2008, mostly through asset sales amid flat demand.

The group, known for its beer but which is rapidly diversifying into heavy industries, said net profit excluding "non-recurring gains on sale of investments and properties" rose 4.0 percent to 7.22 billion pesos.

Sales grew 14 percent to 168 billion pesos.

San Miguel president Ramon Ang said "a combination of operating leverage and tighter reining in on costs" allowed the company to grow its profits amidst difficult market conditions." (2009, Google.com)