GINEBRA San Miguel, Inc.’s net income fell by a quarter to P1.9 billion in the first quarter (Q1) due to a one-time gain a year earlier, even as sales jumped.
Consolidated revenue rose by 17% to P15.1 billion as sales volume improved by 8%. Income from operations rose by 40% to P2.3 billion, it said in a stock exchange filing on Thursday.
Ginebra’s net income would have risen 38% excluding the one-time gain, it said. Earnings rose by 66% to a record P7 billion last year, while revenue climbed by 13% to P53.6 billion due to a bigger sales volume and higher prices.
“The one-time gain from the sale of Don Papa Rum rights further boosted the company’s performance,” the company said.
Ginebra is the hard liquor unit of San Miguel Corp. (SMC). The company is celebrating its 190th year.
Ginebra produces brands such as Ginebra San Miguel, GSM Blue, Ginebra San Miguel Premium Gin, 1834 Premium Distilled Gin, Antonov Vodka, Añejo Gold Rum, G&T Ultralight Spirit Drink, Primera Light Brandy and Vino Kulafu.
Its shares fell by 2.15% or P4.60 to close at P209 each. — Revin Mikhael D. Ochave
