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Emperador books P5.3B profit in 9 months

TDT

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Sin taxes couldn’t stop drinkers from consuming the products of Emperador, which registered P5.3 billion in profits for the third quarter of 2019.

Emperador Inc. reported P5.3 billion net income in the first nine months of the year, up near 2 percent from the P5.2 billion profit in the same period in 2018.

The international brandy company said revenues rose 11 percent to P33.8 billion from P30.5 billion last year, driven by its product The Dalmore leading its premium Scotch whisky businesses, as well as other brands Fettercairn, Tamnavulin, Jura and Shackleton.

“Long-term growth in international operations should help maintain and diversify profitability,” Emperador president Winston Co said in a disclosure to the stock exchange.

“Our luxury single malt whisky The Dalmore is leading our premium Scotch whisky business followed by Fettercairn, Tamnavulin, Jura and Shackleton. And we have a compelling brandy portfolio comprised of the world’s leading brandy by volume, Emperador, Spanish brandies Fundador and Tres Cepas and Mexican brandy presidente.”

Philippine Stock Exchange-listed Emperador owns Emperador Distillers Inc., Scotch whisky maker Whyte and Mackay Group and Bodegas Fundador in Spain. The company’s product is being sold in over 100 countries.

In May, Emperador extended its two-year share buyback program of up to P5 billion, where it can repurchase up to P3 billion for another year ending 16 May 2020.

Since the buyback program commenced in 2017, Emperador said it has retrieved 392.65 million shares equivalent to about P2.83 billion.

Meanwhile, parent firm, Tan-led Alliance Global Group Inc. earlier on said it’s allotting four percent of its P410 billion capital expenditures budget for 2020 to 2024 to Emperador.

The bulk of this will be used for the maintenance after the brandy maker’s heavy investments in 2015, when it acquired United Kingdom-based Whyte & Mackay for P31 billion.

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