Emperador Inc., the world’s largest brandy company which owns the Emperador Brandy and Fundador Spanish Brandy de Jerez, posted revenues of P10.7 billion in the first three months of 2020, down by just 3 percent from P11 billion in the same period last year amid the coronavirus disease 2019 pandemic.
The company also reported a P1.5-billion net income attributable to equity holders of the parent firm in the first quarter, lower by 16 percent compared to 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. 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,” said Emperador president Winston Co.
Emperador, a publicly listed company at the Philippine Stock Exchange, owns Emperador Distillers Inc., Scotch whisky maker Whyte and Mackay Group and Bodegas Fundador in Spain.