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MANILA, Philippines -- Food and drinks conglomerate San Miguel Corp. said on Thursday first-half net sales at its beer business rose 9.0 percent from a year ago on the back of a 7.0-percent growth in sales volumes.

San Miguel Brewery Inc. (SMBI) posted net sales of P23.8 billion ($541 million), up from P21.9 billion in the first six months of 2007.

Operating income rose 25 percent to P7.2 billion.

"Despite a more challenging economic environment and added pressure on the consumer's disposable income, we've turned in very strong results," San Miguel president Ramon Ang said in a statement.

"We continue to invest in brand building and are focusing on improving sales momentum and efficient execution across all distribution levels."

($1 = P44.00)

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• (UPDATE 2) Q2 growth slows to 4.6%
• Gov't revises down Q1 GDP growth to 4.7%
• (UPDATE) Central bank hikes interest rates by 25 bps
• (UPDATE) PSE to extend trading by two hours in 2009
• Mining investments reach over $200 million in Q2
• Oil rises for fourth day to above $119 on storm fears
• Bread prices to increase as local millers hike flour price
• (UPDATE) Oil nears $119, euro rallies on ECB talk
• ASEAN concludes Australia, New Zealand free trade pact
• (UPDATE) Shares close 0.3 percent higher
• Asian bond spreads stay flat ahead of new issuance
• Asian units mostly firmer, Thai baht hurt by politics
• August inflation seen at 11.8-12.6%
• Euro rises further in Asia
• ASEAN, China aim to finalize investment pact
• ASEAN concludes free trade deal with India -- ministers
• Dollar slips against euro, oil
• US, Europe, Japan planned dollar rescue -- Nikkei
• Enforcement of child labor laws weak -- US study
• Gov’t paid P406.8B in debts in first 7 months