ANDREW Tan-led brandy and whisky maker Emperador Inc. posted a 5-percent increase in net income in the first nine months of the year as cost efficiency initiatives boosted profit margins which offset lower sales.
Emperador told the Philippine Stock Exchange (PSE) on Thursday that it recorded profit of P4.9 billion in the first nine months compared to the P4.7 billion posted a year ago.
Consolidated revenues for the nine-month period declined to P27.9 billion from P29.1 billion last year, it said in a statement.
“Higher margins have enabled us to sustain a high level of profitability that’s underpinned by our brandy and whisky products. We have a compellingly diversified product portfolio that encompasses both domestic and foreign markets,” Emperador president Winston Co said.
“We expect better sales in the last quarter of this year compared to previous quarters on the back of increased consumer spending resulting from the holiday season. With an unrivaled portfolio of quality brandy and whisky products – both local and foreign brands – we are best positioned in the market to benefit from this increased consumer spending,” he added.
Emperador is now the world’s largest brandy company after acquiring Spanish brandy maker Bodegas Fundador. It also owns Scotch whisky brands of Whyte & Mackay and manufactures liquor products via subsidiary Emperador Distillers Inc.