LISTED brandy maker Emperador, Inc. said its net income for the first half of the year dropped 20.6 percent from a year ago due to slower domestic liquor consumption.
The company booked a net income of P2.7 billion for the first six months, down from the P3.4 billion registered in the same period last year.
Revenues dropped 1.4 percent to P18.1 billion from the P18.36 billion recorded in the first half of 2016.
“Domestic liquor consumption was softer in the first six months of this year, but we are hopeful for a better performance in the next six months. We believe the domestic market is going through a transition that offers many interesting opportunities,” Emperador Inc. President Winston Co said in a statement.
“Meanwhile, we are very keen to bring new excitement and drinking experience to the consumers. For the first half of this year, the company has committed much resources to bring new exciting products to market both in the Philippines and abroad,” he added.
Emperador Inc. owns Spanish brandy and sherry brands led by Fundador as well as Scotch whisky brands led by The Dalmore and Jura.