SMFB first-quarter earnings rise 2% to P11.8B

MANILA, Philippines — San Miguel Food and Beverage, Inc. (SMFB) posted a modest increase in first-quarter earnings. Gains from its food and spirits businesses offset a tougher operating environment marked by geopolitical tensions and rising costs. In a disclosure on Wednesday, SMFB said net income climbed 2 percent to P11.8 billion in the January-to-March period.