San Miguel Profits Halve

Profits at San Miguel, the Philippine food and beverage group, halved to 2.96 billion pesos ($72.9 million) in 1997, because of the peso crisis, lower beer prices, the increased costs of funds and overseas expansion. San Miguel, which was until last week the focus of a prospective takeover by Hong Kongs First Pacific, has been one of the companies in the Philippines worst hit by the regional crisis. On Monday it said it was pursuing a more pro-active debt and foreign currency management strategy.