SAN Miguel Brewery, battered by intense competition and rising costs, saw profits tumble 38.6 per cent to $32.19 million last year from $52.52 million in 1992.
It marked the third consecutive year the company had seen its profits slide, with operating margins dipping to 4.8 per cent from 6.4 per cent.
Earnings per share for the year ended December fell to nine cents from 14 cents, while turnover sank 7.2 per cent to $1.18 billion from $1.27 billion.
The final dividend was slashed to one cent a share from four cents in 1992.
San Miguel chairman Andres Soriano said the company would review its structure and adapt to new market conditions to improve its competitive position.
He did not provide details about what this might involve, but said boosting profits was the ''challenge ahead''.
