Emperador net income up 24% in Q2

Emperador Inc., the Andrew Tan-listed brandy company, managed to deliver double-digit growth in earnings in the second quarter despite the negative impact of the COVID-19 pandemic.

Emperador Inc. president Winston Co said the latest results indicated a positive development for the company, considering the complexity of the present situation wherein external factors put huge pressure on some aspects of the business.

“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. 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 betterthan-expected performance,”

Co said.

Net income attributable to owners of the parent company rose by 24 percent to P1.9 billion in the second quarter, bringing core earnings to P3.3 billion from January to June, up by two percent.

This was on the back of revenue of almost P11 billion or an increase of four percent.

This brought first half revenue to P21.5 billion.

Co said the company is cutting costs, 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.