The San Miguel and Coca-Cola Company jointly-owned Cosmos Bottling Corporation, saw its net income in the first half of the year jumped about 450% to 778 million pesos ($15.3 million). This was in part due to a one off gain from property sales resulting in 313 pesos.

However, revenues were also up in the first half by 16.3% compared to the same period last year, to 4.5 billion pesos. Operating income increased nearly 200% to 511m pesos.

"Under the new owners, we are committed to continue the growth momentum. We will continue building brands," Guballa said.

Sales volumes, however, were flat, the company said at 69.5m unit cases. This was attributed to the exclusion of two brands, Sunkist and RC Cola, in the acquisition earlier this year of the firm by Coca-Cola Bottlers Philippines Inc, an unlisted joint venture of San Miguel and The Coca Cola Co for 14 billion pesos.

The two brands accounted for 10 percent of Cosmos' sales in 2001.

Cosmos said its growth momentum is intact despite expected slower growth in the soft drink industry this year.