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San Miguel net drops

San Miguel Corp. on Thursday said first-half net profit dropped sharply, mainly due to the absence of one-off gains enjoyed in the year-earlier period, and following asset sales as it moved to diversify its income streams.

The Philippines’ largest food and beverage conglomerate by sales said net profit in the January-June period was PHP6.28 billion (USD138.3 million), down 89 percent from the PHP55.63b seen in the same period last year. Excluding one-time items, the bottom-line numbers for the first half would have been up 7 percent from the year-earlier period, the company said.

San Miguel is looking to sell at least 49 percent of its food operations under San Miguel Pure Foods Co. to raise more funds for its expansion.