Tanduay Holdings has posted a fall in earnings for 2003. The company, which owns the Philippines spirits producer Tanduay Distillers Inc., announced yesterday that net profit for the year to 31 December 2003 fell by 31% to PHP300.1m (US$5.38m) from PHP436.6m in 2002.

Net sales rose, however, by 1.8% to PHP5.52 billion from PHP5.42 billion.

Tanduay blamed the fall in net profit on a decline in interest income last year, and an extraordinary gain of PHP107m from a land sale in 2002. Earnings per share (EPS) fell to PHP0.092 from PHP0.134.

Tanduay Distillers spent most of last year in a high-profile disagreement with its rival Ginebra San Miguel Inc., over ownership of the Ginebra trademark.