SAN Miguel Food and Beverage Inc. (SMFB) on Wednesday said that first-quarter net income had reached P10 billion, up 1 percent year-on-year and propelled by higher food and spirits sales.

Total revenues rose 2 percent year-on-year to P95.4 billion, resulting in a 13-percent growth in operating income to P13.1 billion, the food and beverage firm said in a regulatory filing.

"Our solid performance in the first quarter demonstrates our strategic resilience and ability to adapt in a complex market landscape," SMFB President and CEO Ramon Ang said in a statement.

"We remain committed to leveraging our strengths to address challenges and continue delivering exceptional value to our stakeholders," he added.

Sales for the food business edged up 2 percent year-on-year to P43 billion on the back of increased volumes across most segments.

Operating income was said to have ballooned by 78 percent to P2.7 billion amid an easing of raw material prices and cost-efficiency measures.

For the spirits business, operating profit grew 40 percent to P2.3 billion while revenues improved by 17 percent on account of increased volumes and higher selling prices.

Revenues from the beer business, meanwhile, dipped by 3 percent year-on-year to P37.4 billion following lower volumes.

Total operating income for this segment also declined by 4 percent to P8.1 billion with the international beer business reporting a downtick in volumes due to market mix changes.

SMFB shares on Wednesday rose 10 centavos, or 0.22 percent, to P45.40 apiece.