Emperador earnings hit P6.3 billion
EMPERADOR, INC., owned by tycoon Andrew L. Tan, reported earnings of P6.3 billion last year, as higher cost of goods sold, brand investments, and unrealized foreign exchange loss dampened its performance.
The liquor maker did not provide a comparative data, but it was 18% lower than the reported net income of P7.69 billion in 2016 based on its annual report.
Revenues rose 4% to P42.6 billion last year, rebounding from the 6% decline to P41.01 billion in 2016.
While the domestic business continues to be weighed by the challenging business landscape, Emperador said the international business led by the Scotch whisky business is growing, especially in Asia, the Middle East and North America.
“We have invested considerable amount of resources to bring new exciting products to the Philippines and the rest of the world,” Emperador President Winston S. Co was quoted in the statement as saying.
“Our premiumization efforts and our strategy to grow our business worldwide are underway. We are excited about the prospect of these initiatives.”
Some of the key highlights of the year was the launch the Shackleton Blended Malt Scotch Whisky and the opening of the Fundador Cafe at the Venice Grand Canal Mall in McKinley Hill.
“In the Philippines, despite the perennially intense competition and challenging environment in the liquor industry, we expect an evolution brought about by improving Philippine economy and growing income of the middle class,” Mr. Co said.
Shares in Emperador added a centavo or 0.13% to close at P7.48 apiece. —