MANILA, Philippines–Tycoon Andrew Tan-led Emperador Inc. grew its net income in the third quarter by 15 percent year-on-year to P1.5 billion on the back of stronger volume and higher margins.
This brought Emperador’s net profit in the nine-month period to P4.6 billion, 2.2 percent higher than the level recorded in the same period last year.
In line with Emperador’s global expansion program, company president Winston Co said: “We are excited about the export potential especially in Europe and Africa, which may commence in the first quarter of 2015. Meanwhile, our investment in Spain, which includes vineyards and brandy production facilities, is going to help us achieve better cost efficiency.”
The recovery in the third quarter thus made up for the slack in the first six months.
In the first semester, Emperador’s net profit slipped by 3.6 percent year-on-year to P3.06 billion.
Stronger volume and higher margins propelled earnings growth in the third quarter of this year.
Emperador chief finance officer Dina Inting added: “Our gross profit rose to P2.6 billion during the third quarter, that is 13 percent better compared to the third quarter of last year.”
Meanwhile, consolidated revenues amounted to P20 billion in the first nine-months, which stood flat versus the level seen in the same period last year.