Ginebra San Miguel Inc., the liquor unit of San Miguel Corp., said it expects to register a strong net income in 2020 despite the impact of the coronavirus pandemic.
Ginebra president Ramon Ang said during the virtual annual stockholders’ meeting that while this year’s net income would be slightly lower than in 2019, the company was still expecting to deliver strong results.
“For the first two months of the year, Ginebra was doing good. But during the last 15 days of March our performance was affected by the implementation of the enhanced community quarantine,” Ang said.
“But second quarter affected us the most because that is another 60 days of ECQ. But we are confident that for the full year the company should be doing at least a little bit lower than last year but will register strong income,” Ang said.
Ginebra posted a net income of P474 million in the first quarter, down 23 percent from the same period last year as sales volume declined by 14 percent, resulting in a 10-percent drop in revenues to P7.4 billion.
