Philippines distiller Ginebra San Miguel has seen first-half profits plunge due to cost pressures and a slowdown in exports, local reports said today (17 August).

The company has posted net income of PHP331.8m (US$6.5m) for the first six months of the year, down from PHP552.8m a year earlier, a BusinessWorld report said.

First-half revenues also fell, down to PHP6.1bn from PHP6.2bn a year earlier, the report said.

Ginebra San Miguel, a subsidiary of San Miguel Corp., produces a range of spirits, including its eponymous gin brand.