Manila, April 11 - Philippine beer producer San Miguel Brewery Inc. Friday said its first-quarter net profit surged 37% on year to PHP2.5 billion, boosted by increased sales volume and because of cost-management efforts.
The company, which Friday kicked off the roadshow for its upcoming initial public offering, said sales volume in the January-March period rose 18% on year to 47 million cases.
Sales rose 13% on year to PHP12.3 billion, while operating income climbed 35% to PHP3.7 billion.
San Miguel Brewery, a subsidiary of San Miguel Corp., said also that its board has approved a cash dividend of PHP0.16 a share, representing a 100% payout of the first quarter profit.
San Miguel spun off the brewing operation last year.