Ginebra San Miguel has posted a rise in Q3 net income. The liquor unit of San Miguel today (27 October) reported an increase in net income of 10.2% year-on-year to PHP356.4m (US6.3m), based on a rise in sales volume of 12.2% from the corresponding period last year.

Ginebra credited the rise to strong local sales and higher exports.

Net sales in the quarter grew by 14.4% to PHP2.93 bln from PHP2.56 bln a year earlier with improved sales in the northern and southern Philippines, the company said.

For the first nine months of this year, Ginebra's net income reached PHP1.31 bln, up from PHP1.25 bln a year earlier.

The company, 80% owned by San Miguel, has been exporting its gin products to Thailand and Vietnam. It said its year-to-date export volume soared by 782% from the same period in 2003.