The food and beverage group, San Miguel Corp. (SMC), reported first half net profit of PHP3.01 billion ($58.7m), down 21% on last year. The company attributed the fall in part to the cost of integrating new acquisitions. Stripping out one-off costs, the group's recurring net profit was PHP3.2 billion, the company said.

Sales revenues for the first six months rose by 25% to PHP66.1 billion. San Miguel stated that the sales boost stemmed in part from higher sales from its Coca-Cola bottling and domestic brewing activities.

Last year, SMC bought back its soft drinks bottling operations in the Philippines from Coca-Cola Amatil and also acquired Cosmos Bottling Corp.