November 11, 2013 / 9:00 AM / 4 years ago

REFILE-Philippines' San Miguel 9-mth recurring profit up 15 pct on yr

(Refiles to correct a typo in lead)

MANILA, Nov 11 (Reuters) - Philippine conglomerate San Miguel Corp posted on Monday a 15 percent rise in its net recurring profit in the first nine months of the year on gains in its fuel, beer, liquor, food and power units.

Recurring net profit in the January-to-September period was 11.1 billion pesos ($257 million), it said in a statement.

The company did not give a net profit or loss figure. It had previously reported a net loss of 2.4 billion pesos in the first half, mainly due to foreign exchange losses.

“We have seen the peso start to appreciate against the U.S. dollar beginning October, so we see a reversal of some of the foreign exchange losses,” San Miguel Chairman Eduardo Cojuanco said in the statement.

He said the sale of San Miguel shares in Manila Electric Co , expected to be completed before year-end, will yield additional income for the group.

Consolidated revenue in the nine-month period climbed 7 percent to 543 billion pesos.

San Miguel, which started as a brewery more than a century ago, has aggressively expanded over the last five years into power, airlines, mining, telecoms, oil refining and distribution, and infrastructure, while maintaining its status as the country’s dominant food and beverage firm.

($1 = 43.2 Philippine pesos)

Reporting by Erik dela Cruz; Editing by Miral Fahmy

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