Liqour producer Emperador Inc. said Monday net income attributable to owners of the parent company surged 24 percent in the second quarter to P1.9 billion from a year ago, boosted by the robust growth in international sales.
Emperador said in a disclosure to the stock exchange second-quarter revenues also increased 4 percent to P11 billion from the same period last year despite the major impact of coronavirus pandemic on the spirits industry, particularly the liquor bans implemented across the Philippines.
“Indeed, this is a very positive development during a complex year where external factors put huge pressure on some aspects of our business and open opportunity for others. On one side, consumption of spirits has been restricted in countries with liquor bans, with closure of on-trade channels [such as bars, restaurants, hotels] and a slump in global air travel,” Emperador president Winston Co said.
“On another, business has been resilient in countries without liquor restrictions as consumers sought out our brands in the off-premise and e-commerce channels. By taking advantage of the buoyant grocery and convenience markets, our international business has delivered better-than-expected performance,” Co said.
Emperador’s first half core net income increased by 2 percent to P3.3 billion as revenues reached P21.5 billion.
Co said that aside from strong international sales, the cost management measures implemented by the company helped boost its second-quarter bottom-line.
“The company is mitigating risks and capturing opportunities. We are continuing to grow internationally while fighting to widen our leadership in the Philippines. Although, we are in good shape, we need to keep pushing as we continue to face unprecedented and very challenging times. Emperador remains strong and resilient, and our global footprint will allow us to emerge stronger and better from this experience,” Co said.
Emperador owns Emperador Distillers, Inc., Scotch whisky maker Whyte and Mackay Group and Bodegas Fundador in Spain. Jenniffer B. Austria
The liquor firm earlier reported that its brandy and whisky businesses in the United States, Sweden, Spain, Indo-China, the United Kingdom, Russia and China enjoyed brisk sales in the first half.
