San Miguel Corp., the largest food and beverage group in the Philippines, saw its net income more than double in 2008, partly as a result of asset disposals.

Manila-based San Miguel posted a consolidated net profit of PHP19.3bn (US$400m) in 2008, compared to PHP8.63bn in 2007.

Excluding extraordinary items, net income was PHP7.22bn, up 4% from 2007.

Net sales last year rose 14% to reach PHP168bn, while operating income rose by 26% to PHP14.8bn.

“In a year when commodity costs were a challenge, our performance results are particularly encouraging, coming as they do from a combination of operating leverage and a tighter reining in on costs across all our businesses,” said San Miguel president Ramon Ang.