News: Philippine power-to-food conglomerate San Miguel Corporation (SMC) recorded a 31% year-on-year (y-o-y) increase in its profit to PHP14.1bn (US$336mn) for H112 (ended June), up from PHP10.8bn (US$257.3mn) in H111. The group's profit rose despite mixed results from its traditional and new businesses. SMC's consolidated sales increased 25% y-o-y to PHP329.5bn (US$7.85bn) in H112, compared with PHP263.3bn (US$6.27bn) in the year-ago period. SMC's flagship brewing subsidiary, San Miguel Brewery, registered a 4% y-o-y growth in its revenues to PHP36.9bn (US$879.2mn) for H112. The rise has been attributed to SMC's highly-diversified portfolio, which provided new growth drivers in challenging market conditions, said Eduardo Cojuangco, the CEO of SMC.