Ginebra San Miguel profit soars 81%

GINEBRA San Miguel, Inc. (GSMI) on Thursday said it recorded an 80.7% rise in first-quarter consolidated net income to P2.53 billion from about P1.40 billion in the same period last year.

In the company’s financial statement, its top line inched up by 3% to P12.95 billion from P12.62 billion previously.

Gross profits declined by 5.6% to P3.04 billion from P3.22 billion on the back of an increase in raw material costs and excise tax rates. This was partly offset by the implementation of price increases during the period.

Its other income surged to P1.66 billion during the period, more than double the P63.36 million recorded in the previous year. GSMI said this was mainly due to the recognized earnings from the rights transfer of Don Papa products.

Cost of sales reached P9.91 billion, up 5.4% from about P9.40 billion the prior year. Expenses for selling and marketing fell by 4.9% to P792.53 million from P833.53 million.

The company is the maker of Ginebra San Miguel gin and other distilled spirits including GSM Blue Light Gin, GSM Blue Mojito, GSM Blue Margarita, GSM Blue Gin Pomelo, Ginebra San Miguel Premium Gin, 1834 Premium Distilled Gin, Antonov Vodka, Añejo Gold Rum, Primera Light Brandy, and the Philippines’ no. 1 Chinese wine Vino Kulafu.

On Thursday, GSMI shares fell by 0.07% to P0.10 to P146.90 apiece. — A. H. Halili