MANILA, Philippines - San Miguel Corp.'s beer unit reported its net income still grew 8 percent in 2014, despite the imposition of higher excise taxes in the Philippines.
In a statement, San Miguel Brewery Inc. said consolidated net income reached P13.5 billion, up 7.9 percent from 2013 levels.
SMB said consolidated sales revenues rose 5 percent to P79 billion, driven by a strong rebound in domestic beer volumes to 172.5 million cases.
Also, improved collections led to a 6 percent drop in consolidated accounts receivables.
SMB said it implemented new campaigns and relevant consumer and trade programs "to boost equity and beer consumption of SMB brands."
The company also introduced Cerveza Negra and San Mig Light in draught formats overseas to improve volumes in the international market.