Leading Philippine food and beverage company San Miguel Corporation today reported that its net income for the first five reached 2.3 billion pesos (US$418.2 million). The company did not give a like-for-like figure for last year, but said that the results had been backed by improved revenues, particularly in its beer operations.

San Miguel did say, however, that it achieved a net income of 625 million pesos in May alone, up 9% year-on-year.

In a statement San Miguel President Ramon Ang said the gains were being attributed to the improving performance of Coca-Cola Bottlers Philippines Inc and contributions from domestic beer, the glass and metal segments of packaging and the feeds business.

Consolidated sales of the San Miguel group in the first five months of the year were up 28% year-on-year at 54.1 billion pesos, the firm said earlier.

Earnings before interest, taxes, depreciation and amortisation for the five-month period amounted to 7.8 billion pesos, 21 percent higher than the same year-ago period.

In the beer sector the company saw sales of 11.2 billion pesos for the five-month period, up 2% year-on-year.  Volumes meanwhile recovered  from a weak first three months, jumping 15% year-on-year.

The companies spirits operations were also successful with its liquor unit, La Tondena Distillers Inc, reporting a net income of 702 million pesos in the five-month period, up 42% year-on-year. Meanwhile, liquor volumes rose 5% year-on-year in May.