Conglomerate San Miguel Corp. said its recurring net income went up more than a fifth in the nine months to September to P43.8 billion.

The amount excludes the effect of foreign exchange transaction and the one-time gain from the sale of SMC’s business.

Revenues rose 20% to P597 billion, buoyed by higher sales mainly from its core, food, beverage and lackaging businesses

Consolidated operating income increased 13 percent ro P82.8 billion on sustained sales growth across its businesses and effective cost-cutting measures.

The new food and beverage unit under San Miguel Pure Foods raked in combined earnings of P19.5 billion on the back of a 11 percent growth in revenues to P180 billion.

Revenues from the packaging business increased 13 percent due to higher sales from its plastics and metal businesses and the continued growth of its Australian operations.

The power generation business recorded revenues pf P62.1 billion, up two percent on higher spot market prices.