Emperador, GERI revenues grow
Tycoon Andrew Tan-led beverage-maker Emperador Inc. and leisure estate developer Global-Estates Resorts Inc. (Geri) both reported a double-digit year-on-year growth in net profit attributable to equity holder of parent firm in the first quarter.
Emperador grew net profit by 10 percent year-on-year to P1.74 billion, driven by a 13-percent year-on-year growth in revenues to P11 billion, Emperador disclosed to the Philippine Stock Exchange on Tuesday.
In a separate disclosure, Geri said its first quarter net profit increased by 41 percent year-on-year to P477 million on higher earnings from residential development, hotel operations and rental of commercial properties alongside some nonrecurring gains.
Emperador, for its part, is now the world’s largest brandy-maker owning Emperor Brandy, Fundador Spanish Brandy de Jerez and the luxury single-malt scotch whisky The Dalmore.
“Our overall business continues to show robust performance. Following 2018’s exceptional year with business growing in every region of the world—from Europe to North America, from Middle East to Africa, and from the Pacific to Asia. Whisky and premium brandy sales in the first three months of 2019 again proved to be strong. This continues to be driven by our malt whisky and premiumization strategy,” Emperador president Winston Co said.
Meanwhile, Geri’s first quarter results also included P188.51 million in nonrecurring gain arising from the sale of investment in an associate. Excluding one-off items, core profit in the first quarter rose by 8 percent year-on-year.
The company booked P1.24 billion in revenues from real estate sales during the quarter, up by 5 percent from the same level last year.
Rental income for the quarter more than doubled to P180 million from P87 million in the same period last year.
Earnings from hotel operations also grew by 78 percent year-on-year to P171 million in the first quarter. —DORIS DUMLAO-ABADILLA
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