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Ginebra San Miguel profit flat due to business difficulty.
(From BusinessWorld (Philippines))
Byline: Anna Barbara L. Lorenzo
Ginebra San Miguel yesterday said its 2003 income was at P1.65 billion, sustaining 2002 level.
It didn't give comparative figures, but according to its 2002 income statement filed with the stock exchange, profit was at P1.67 billion, which means its 2003 profits slipped by 1.2%.
This was despite posting growth in net sales revenues and volumes for the year. Its operating income was flat at P2.7 billion.
In a disclosure to the Philippine Stock Exchange, Ginebra said it suffered "difficult business conditions that affected Ginebra San Miguel Round sales in the last …
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