AEC Feed

Philippine conglomerate San Miguel Corp (SMC) booked 54-per -cent year-on-year growth in core net profit to hit 31.1 billion pesos (Bt22.4 billion) at the end of September, bolstered by higher earnings across its food, beverage, power generation and oil businesses.
Including extraordinary items, SMC’s reported net income surged by 125 per cent year-on-year to 43 billion pesos for the nine-month period.
This year, SMC sold its telecommunication assets to PLDT Inc and Globe Telecom, giving up an earlier bid to compete in this business.
In a press statement yesterday, SMC reported that operating income reached 73.2 billion pesos, 24 per cent higher year on year as core beverage, food and packaging businesses all maintained growth momentum. Group-wide sales eased by 1 per cent year on year to 498.3 billion pesos. |– Philippine Daily Inquirer
Beer unit San Miguel Brewery grew its net profit by 22 per cent to 12.2 billion pesos on the back of 18-per-cent growth in net sales to 69.3 billion pesos. Hard-liquor unit Ginebra San Miguel also jacked up its net profit to 238 million pesos.
Food unit San Miguel Pure Foods Co Inc grew its net profit by 29 per cent to 3.75 billion pesos, while net sales rose by 5 per cent to 80.58 billion pesos.
SMC Global Power Holdings Corp grew its net profit by 320 per cent to 5.74 billion pesos while Petron Corp posted a 47-per-cent increase in net profit to 7.43 billion pesos. – Philippine Daily Inquirer

Chinese group inks $300m project with Laos ministry 
The Hongda Hi-Tech Group Co of China plans to spend more than US$300 million (Bt10.6 billion) on feasibility studies of four projects in the fields of finance, security systems, mining and agriculture under the auspices of the Laotian Ministry of National Defence. 
The studies will examine the viability of building a Military Bank, and embarking on projects relating to security systems, agriculture and mining. 
The studies will start at the end of this year at various army sites around Laos and take about three months. The Chinese company will spend about $80 million on the study of the security-system project and over $200 million on the other projects. 
An agreement on the feasibility studies was signed in Vientiane on Wednesday, attended by Laos’ deputy minister of national defence, Maj-General Onesy Saensouk. – Vientiane Times
The agreement was signed by the Hongda Hi-Tech Group Co of Jilin province, China, and the Rural Development Mai Company Group under the Laotian Ministry of National Defence. 
The Hongda Hi-Tech Group was represented by its president, Wang Xin, and the Rural Development Mai Company Group by its president, Colonel Simone Phetkhamphou. 
Speaking at the ceremony, Colonel Simone said the memorandum of understanding would serve to implement the plan for cooperation according to the policy of the governments of Laos and China.

Germany backs sustainable development in Cambodia
The government of Germany will provide more than 407 billion kip (Bt1.8 billion) to support sustainable development in Laos in 2016-2017.
A grant agreement on negotiations for development cooperation between the two parties was signed this week by the head of the China, East Asia, Laos and Cambodia Division, Klaus Supp, and Laos’ deputy minister of planning and investment, Dr Kikeo Chanthaboury.
This agreement on the amount of new commitments and core projects and programmes was reached during the Lao-German intergovernmental negotiations held in Vientiane on Wednesday and Thursday. – Vientiane Times