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San Miguel Q1 net profit rose 7pc

San Miguel Corp., the Philippines’ largest food and beverage conglomerate, said on Monday its first-quarter net profit rose 7 percent from a year earlier, helped by higher sales of beer and hard liquor in the local market as well as double-digit growth in operating income.

The conglomerate that is now diversifying into heavy industries to drive future growth said net profit in the January-March quarter rose to PHP2.90 billion (USD64.3 million) from PHP2.70b (USD59.6m) in the year-earlier period, while sales rose 7 percent to PHP44.7b (USD986.5m) from PHP41.9b (USD924.7m).