Business

Emperador Q2 profit up 24% during coronavirus crisis

Tycoon Andrew Tan’s liquor firm Emperador Inc. grew its second quarter earnings by 24% to P1.9 billion amid the coronavirus pandemic.

In a statement, Emperador said revenues went up by four percent to nearly P11 billion.

For the first half, core earnings rose two percent to P3.3 billion while revenues amounted to P21.5 billion.

“Indeed, this is a very positive development during a complex year where external factors put huge pressure on some aspects of our businessand open opportunity for others.On one side, consumption of spirits has been restricted in countries with liquor bans, with closure of on-trade channels(such as bars, restaurants, hotels), and a slump in global air travel.

On another, business has been resilient in countries without liquor restrictions as consumers sought out our brands in the off-premise and e-commerce channels.By taking advantage of the buoyant grocery and convenience markets, our international business has delivered better-than-expected performance,” said Winston Co, president of Emperador.

Co also attributed the the growth in profit to cost-containment measures implemented by the management.

“We are continuing to grow internationally while fighting to widen our leadership in the Philippines.Although, we are in good shape, we need to keep pushing as we continue to face unprecedented and very challenging times,” Co said.

Emperador owns Emperador Distillers, Scotch whisky maker Whyte and Mackay Group and Bodegas Fundador in Spain.

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