Emperador Inc., the liquor unit of tycoon Andrew Tan, said net income in the second quarter of the year surged 34 percent to P1.6 billion, boosted by the strong growth of the international business that offset the weak performance in the domestic market.
Emperador said in a disclosure to the stock exchange second-quarter revenues rose seven percent year-on-year.
The strong second-quarter growth boosted the company’s first-half net income to P3.2 billion, up 18 percent on year, while first-half sales climbed eight percent to P19.5 billion.
“The strong performance comes from the strong growth of the international business amidst a soft domestic market. The premium Spanish brandy and Scotch whiskey business continues to show robust growth led by Fundador brandy, The Dalmore, and Jura single malt whiskeys led by Asia and North America,” Emperador president Winston Co said.
“The local market continues to be soft but new market initiatives for growth are underway. We believe Emperador Inc. is in a good position for accelerated growth in the years to come as we envision robust and stable international and domestic businesses in the long run,” Co added.
Co earlier said he expected the international liquor business to boost the company’s revenues following a recent string of overseas acquisitions.
Co said the scotch whiskey business Whyte and Mackay was now on its growth phase, while prospects for the recently acquired brandy business in Mexico was expected to be on the growth phase by 2019.
Co is also bullish on the prospects of the domestic market, noting the strong consumer spending.
Emperador owns Emperador Distillers Inc., Scotch whiskey maker Whyte and Mackay Group and Bodegas Fundador in Spain.
Share price of Emperador on Thursday gained 1.1 percent to P7.35.