PHILIPPINES: Ginebra San Miguel Q1 figures hit
Ginebra San Miguel has seen its Q1 net profit fall compared to the same period last year. The Philippine liquor manufacturer did not provide specific figures, but said that stiff competition and the reported product tampering meant that this year's Q1 figures would not catch last year's PHP468m (US$8.4m).
The company's chairman and chief executive, Eduardo Cojuangco, said today that heightened competition and the poisoning scare had hit the figures, but the results for the first quarter were "still good."
Cojuangco also said that Ginebra is in talks to expand in several countries, including Vietnam and Thailand, which he expects to push the company's future growth.
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