Philippine spirits company, La Tondena, has reported a 62% rise in second-quarter net profit to PHP403m. The company attributed the increase to improved sales and a stronger financial position. Net profit for the first half of the year was up by 48% at PHP814m.

"This sustained growth resulted from the company's strengthened financial position, improved sales and operation efficiencies, and successful consolidation and penetration efforts in the southern Philippines," the company said. It reported that its operations in the southern Philippines had turned around this year with sales up by some 77% in the first six months.

Proceeds from selling off its fruit juice and water subsidiaries to Coca-Cola Bottlers Philippines in November had allowed it to reduce debt and interest expenses by 62% and added PHP300m to first half net profit, the company said.

Operating income rose by 11% PHP688m in the second quarter and by 8% to PHP1.4 billion for the first six months of the year.