News

PHILIPPINES: Costs batter Ginebra San Miguel Q2

Most popular

Pernod Ricard in YTD fiscal-2021 - preview

The just-drinks Analyst returns - Apr '21

The just-drinks Analyst returns - Apr '20

Remy Cointreau in fiscal-2021 - results preview

Brown-Forman in fiscal-2021 - results preview

MORE

Ginebra San Miguel has posted a sharp fall in Q2 net profit as rising costs took their toll. The Philippine liquor maker said yesterday (15 August) that earnings for the three months fell by a massive 80% to PHP109.08m (US$1.96m) from PHP534.36m in the corresponding period last year. Sales remained flat at PHP3.2bn from PHP3.01bn.

For the half year, net profit dipped by 50% to PHP476.94m from PHP954.02m. Sales were up slightly for the period to PHP6.2n from PHP6.04bn a year earlier.

Volumes for Ginebra in the first half fell by 10%. The company said it was hit by fuel price rises and product price increases earlier in the year.

Costs of sales lifted in the first half by 15% to PHP4.3bn as the high prices of molasses and alcohol, packaging materials and distribution expenses made their presence known.

Looking forward, Ginebra warned that cost pressures, especially for molasses and alcohol, will continue as World oil prices are expected to remain high. The unit of San Miguel Corp forecast new products and packaging enhancements in the near future will help improve volumes, however.


Sectors: Spirits

Related Content

The Coca-Cola Co hopeful the worst has passed as Q2 sales slide 26% - results data

The Coca-Cola Co hopeful the worst has passed as Q2 sales slide 26% - results data...

Mahou San Miguel prepares China re-entry as premium beer heats up

Mahou San Miguel prepares China re-entry as premium beer heats up...

Australia, New Zealand confirm pregnancy warnings as alcohol industry decries costs

Australia, New Zealand confirm pregnancy warnings as alcohol industry decries costs...

San Francisco World Spirits Competition 2020 - Best in Show, Best of Class

San Francisco World Spirits Competition 2020 - Best in Show, Best of Class...

Oops! This article is copy protected.

Why can’t I copy the text on this page?

The ability to copy articles is specially reserved for people who are part of a group membership.

How do I become a group member?

To find out how you and your team can copy and share articles and save money as part of a group membership call Sean Clinton on
+44 (0)1527 573 736 or complete this form..



Forgot your password?