EMPERADOR, Inc. posted a 3% increase in profit in the third quarter, which the brandy company attributed to higher margins.
In a regulatory filing, Emperador reported a net income of P1.48 billion in the three months ending September, from P1.44 billion during the same period a year ago. This brought nine-month earnings to P4.9 billion, 5% up from a year ago.
“Higher margins have enabled us to sustain a high level of profitability that’s underpinned by our brandy and whisky products. We have a compellingly diversified product portfolio that encompasses both domestic and foreign markets,” Emperador President Winston S. Co said in a statement.
However, third quarter revenues slipped 12% to P9.52 billion, from P10.79 billion a year ago. This brought nine-month revenues to P27.9 billion, 4% lower than a year ago, which the company attributed to the “termination of distribution of an agency brand from the Scotch whisky business last yearend.”
“Own Scotch whisky labels, led by Dalmore and Jura, were driving offshore growth particularly in USA, Latin America, Asia and Europe. The brandy business, which included Emperador and Fundador brands, on the other hand, turned over (9-month) revenues higher by 9.9% year on year,” Emperador said.
Mr. Co said the company expects “better” sales in the fourth quarter “on the back of increased consumer spending resulting from the holiday season.”
Emperador owns Emperador Distillers, Inc., Scotch whisky maker Whyte and Mackay Group, and Bodegas Fundador in Spain.