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Emperador net profit falls 16% to P1.5 B in Q1

By James A. Loyola

Emperador Inc. – the world’s largest brandy company owning the iconic Emperador Brandy and Fundador Spanish Brandy de Jerez – reported a 16 percent drop in attributable net income to P1.5 billion in the first quarter of the year when the COVID-19 pandemic reached the Philippines.

In a disclosure to the Philippine Stock Exchange, the firm said it registered revenues of P10.7 billion in the first three months of 2020, down 3 percent from the P11-billion posted in the same period last year.
“Coming from a spirit tax increase, the brandy segment was performing well in the first two months but was cut short particularly in mid-March when the entire Luzon island was placed under quarantine, disrupting operations and the flow of our products,” said Emperador Inc. President Winston Co.

He noted that, “This was further aggravated by the liquor ban. We hope the velocity of sales to resume when the country returns to normal. We know that we will celebrate again, soon.”

Emperador Inc. owns Emperador Distillers, Inc., Scotch whisky maker Whyte and Mackay Group, and Bodegas Fundador in Spain.


Source: Manila Bulletin (https://business.mb.com.ph/2020/06/27/emperador-net-profit-falls-16-to-p1-5-b-in-q1/)

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