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PHILIPPINES: Ginebra Q1 net profit on the slide

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Ginebra San Miguel has posted a dip in Q1 net profit. The liquor unit of Philippine food and beverage group San Miguel Corp. announced today that net profit for the quarter to 31 March fell by 10% to PHP419.7m from PHP467.6m year-on-year. The company blamed the fall on a continuing shift in consumer preference to brandy from its flagship products rum and gin.

Net sales for the quarter also fell, to PHP2.95 billion from PHP3.15 billion year-on-year. Exports for the company continued to rise, however, providing some cushion to declining local sales.

Exports contributed around 10% of net sales from less than 1% a year earlier, Ginebra said.
Gross profit also declined, by 9% to PHP1.11 billion due to lower sales volume and higher packaging costs.

The company expects the second quarter to be stronger, however, as a result of election spending and further improvements in exports.


Sectors: Spirits

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