The Philippines spirits producer, La Tondena Distillers Inc., posted net profit for 2002 of PHP1.65 billion, up 39% from 2001 on the back of gains from its operations in the south of the country, cost reductions and lower interest. Operating income stood at PHP2.7 billion.

The profit figure was in line with expectations. Analysts' forecasts had ranged from PHP1.32 billion to PHP2.41 billion, with an average of PHP1.65 billion.

For the 2001 comparative figure, La Tondena, part of the San Miguel group, had used PHP1.19 billion which excluded one-off gains from the sale of its juice and water operations to Coca-Cola in December 2001. Including the one-off gain, net profit in 2001 was PHP1.88 billion in 2001.