San Miguel 2011 Net Profit Declines 13%

San Miguel Corp SMGBY reported a 13% drop in its 2011 net profit. San Miguel's net profit for the period declined to PHP17.5 billion ($407 million), versus PHP20.1 billion in 2010. Its revenue more than doubled to PHP536 billion versus PHP246 billion. Excluding one-off items, San Miguel's net profit for 2011 came in at PHP17.3 billion, versus PHP12.7 billion in 2010. San Miguel's operating income surged 62% to PHP56 billion from PHP34.6 billion.