The Philippines food and drinks group, San Miguel Corp., posted operating income for the first five months of the year of Peso4.8 billion ($96m), up 18% from last year. Consolidated sales rose by 28% to Peso54.1 billion.

San Miguel's chairman, Eduardo Cojuangco, told shareholders that earnings before interest, tax, depreciation and amortisation (EBITDA) had reached Peso7.8 billion for the first five months, 21% up from the same period last year.