PHILIPPINES: Tanduay Distillers FY sales up on weak economy
- Full-year net profits up 92% to PHP1.1bn (US$25.7m)
- Net sales rise by 8.8% to PHP12.3bn
- Group raises PHP1.68bn via public share sale
Higher prices lifted full-year sales at Tanduay Distillers in 2011, after a slowdown in the Philippine economy hit volume momentum.
Tanduay said earlier today (2 February) that net sales for the 12 months to the end of December rose by 8.8% to PHP12.3bn (US$288m). Higher selling prices on its namesake rum brand drove the performance, said the Philippines-based distiller.
However, volume sales increased slower, by 1.4% versus 2010, compared to average annual growth of 8% over the last five years. "Apart from 2010 being an election year, sales performance in 2011 was also affected by the slowdown in the domestic economy, which grew by only 3.7% as against last year's 7.3%," said the group, which is owned by Tanduay Holdings.
For the 12-month period, net profits jumped by 92% to PHP1.1bn. No reason was given for the healthy rise.
The group added that it has recently raised PHP1.68bn via a public share offering. It plans to use the funds to expand production and improve cost efficiency.
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