Bilyonaryo Lucio Co’s popular brandy brands are suffering from a massive katzenjammer from the coronavirus which has so far not affected rivals Emperador, Ginebra and Tanduay.
Profits of Co’s liquor business under Cosco Capital plummeted 27 percent to P1.996 billion in the first nine months this year from P2.726 billion during the same period last year. Alfonso and Fundador brandy account for 69 percent of Cosco’s total liquor volume.
Cosco can’t blame the lockdown, liquor ban and higher taxes for the drop because all of its publicly-listed industry foes chalked up impressive profit growth despite the challenging environment.
Lucio Tan’s Tanduay, under LT Group, more than doubled its profits to P1.1 billion in the first nine months this year from P518 million a year ago.
Ramon S. Ang’s Ginebra San Miguel boosted its profits by 67 percent to P2.212 billion in the first three quarters this year from P1.325 billion last year.
Andrew Tan’s market leading Emperador Distillers notched an 11 percent rise in net income to P5.869 billion in the first nine months this year from P5.303 billion last year.