Ginebra San Miguel has declared a cash dividend for its shareholders. The liquor firm said yesterday (18 May) that its board of directors has approved a dividend of PHP0.375 per share.

The Philippine company will make the payment on 20 June to shareholders on record as of 3 June.

Ginebra said on Tuesday that net profit in its first quarter fell by 12.3% to PHP367.87m (US$6.78m) from PHP419.66m in the corresponding period last year. The company blamed the decline of volume sales on higher excise taxes that took effect this month.