SAN MIGUEL Food and Beverage, Inc. (SMFB) posted a 4% increase in first-half net income to P22.1 billion, supported by stronger food sales despite weaker consumer demand and softer beer revenues. Beer revenue declined 1% to P73.7 billion, although the business remained a key earnings contributor. Domestic beer sales reached P66 billion, supported by price adjustments implemented last year to offset higher excise taxes despite softer volumes. International beer revenue totaled $128.5 million, reflecting slower sales as shipping disruptions in the Middle East affected deliveries. Operating income from the beer business fell 11% to P14.4 billion, while net income declined 12% to P11.4 billion.