Tycoon Andrew Tan-led liquor-maker Emperador Inc. saw a 16 percent year-on-year drop in first quarter net profit to P1.5 billion as the lockdown and liquor ban imposed on key cities since mid-March gnawed on sales alongside higher excise taxes slapped on alcoholic drinks.
Emperador- the world’s largest brandy company owning the iconic Emperador Brandy and Fundador Spanish Brandy de Jerez – reported a 3-percent year-on-year drop in revenues to P10.7 billion in the first three months.
“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,” Emperador president Winston Co said in a press statement on Friday.
“We hope the velocity of sales (would) resume when the country returns to normal. We know that we will celebrate again, soon,” Co added.
Emperador owns Emperador Distillers Inc., Scotch whisky maker Whyte and Mackay Group, and Bodegas Fundador in Spain.
The company, which is part of conglomerate Alliance Global Group (AGI), is currently valued by the stock market at around P127.4 billion.
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