San Miguel, the largest food and beverage group in the Philippines, has seen net income jump by almost 200%, rising to PHP20.9bn (US$429m) in the first nine months of the year.

Income was boosted by the sale of discontinued operations in the first quarter, the IPO of San Miguel Brewery and the sale of properties.

Stripping out one-off items, San Miguel's net profits totalled PHP7.13bn, still "significantly" higher than the comparable period of last year, San Miguel said.

During the nine-month period sales rose 15% to PHP122.2bn while operating income rose 26% to PHP11.7bn.

Commenting on the company's prospects for the remainder of the year, Ramon Ang, SMC president and COO, said the group was "confident" of its ability to weather the global economic downturn.

"The current uncertainty in the global economy presents a challenge for our consumers, customers, suppliers and employees. But we continue to find new ways to cope with an extremely challenging set of business conditions and we're proud of the results we've turned in. We remain confident about our future prospects," he said.