Emperador income down 16% as pandemic disrupts business

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BRANDY COMPANY Emperador Inc. reported a 16% decline in its first-quarter net income attributable to equity holders to P1.5 billion, citing disruption in its operations caused by the coronavirus disease 2019 (COVID-19) pandemic.

In a disclosure to the stock exchange on Friday, the company reported a 3% drop in its revenues to P10.7 billion during the three-month period compared with P11 billion in the same period last year.

“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,” said Emperador President Winston S. Co in a statement.

He said the lockdown coupled with the liquor ban disrupted the company’s operations and flow of products.

“We hope the velocity of sales to resume when the country returns to normal. We know that we will celebrate again soon,” Mr. Co said.

Emperador is the Philippines-listed owner of Emperador Distillers, Inc., Scotch whisky maker Whyte and Mackay Group, and Bodegas Fundador in Spain.

On Friday, shares in Emperador rose 0.50% or P0.04 to close at P8.04 per share. — Revin Mikhael D. Ochave