By P.R. Venkat

San Miguel Food & Beverage Inc.'s net profit in the first nine months of the year rose 68% on year, supported by cost-containment measures and higher sales in all its business segments.

Net profit was 24.2 billion Philippine pesos ($483.40 million), the company said Thursday. Consolidated revenue came in at PHP221.7 billion, up 14% on year.

San Miguel's food, protein and animal nutrition and beer businesses all reported double-digit growth, the company said, adding that its cost-management initiatives resulted in a 23% increase in operating income to PHP18.2 billion.

The conglomerate's businesses had been severely affected last year due to the Covid-19 lockdown in the country that saw the temporary closures of its food-service and retail establishments.

"While there are still impacts from the pandemic, we are hopeful that the worst is behind us and we are on the path to a new, better normal," San Miguel President Ramon S. Ang said.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

11-10-21 1925ET