(CNN Philippines) — San Miguel Brewery, the beer subsidiary of Philippine conglomerate San Miguel Corporation, posted consolidated revenues of P18.9 billion during the first quarter of 2015 —an 8% improvement over the P17.6 billion in the same period last year.
As a result, the group’s consolidated net income for the first three months of the year grew by 20% to P3.3 billion compared to P2.7 billion in the first three months of last year.
In 2014, the company registered full year sales of P56.3 billion and net income of P9.4 billion.
In a statement, the brewery said that it has implemented new campaigns and consumer and trade programs in its Philippine operations to “strengthen brand equity and increase consumption.”
The company noted that volumes in the first quarter of this year grew by 7% to 40.9 million cases, despite the government’s implementation of higher excise taxes.
Because of the higher volumes, revenues rose to P16.2 billion past the P13.8 billion recorded in 2014.
Net income from Philippine operations rose by 29%, ending the first quarter with P3.2 billion.
