Ginebra doubles profit
The liquor unit of conglomerate San Miguel Corp. saw a big profit jump in the first quarter of 2017 as sales grew by about a third.
Ginebra San Miguel Inc., best known for its Ginebra-branded gin products, disclosed yesterday that net income from January to March hit P129 million, more than double the P54 million it booked in the same period last year.
Ginebra said revenue during the period surged by 31 percent to P5.1 billion, as volume rose by 32 percent.
“We are confident that we will continue this growth trajectory for the rest of the year as we build on our inherent assets— strong, relevant brands and highly effective routes to market,” Ginebra president Bernie Marquez said in a statement.
The company’s first quarter results followed a turnaround year for Ginebra.
In 2016, it reported that net income had hit P361 million, reversing a net loss of P386 million in 2015. Total revenue last year hit P18.6 billion, up 12 percent.
“Our marketing efforts are geared toward solidifying our hold on core consumers,” Marquez said.
“We also continue to implement measures to capture the new and more sophisticated market through our complementary brands GSM Blue, Ginebra San Miguel Premium Gin and Primera Light Brandy,” he added.—Miguel R. Camus
