EMPERADOR Inc., the liquor firm of businessman Andrew Tan, said its income slid by 18 percent last year to P6.3 billion, from the previous year’s P7.7 billion, as revenues were almost flat.
Emperador said its lower income “got weighed down by the higher cost of goods sold, brand investments and unrealized foreign-exchange loss.”
Revenues grew at a modest 4 percent to P42.6 billion, from the previous year’s P41.01 billion.
“We have invested a considerable amount of resources to bring new products to the Philippines and the rest of the world. Our premiumization efforts and our strategy to grow our business worldwide are under way. We are excited about the prospect of these initiatives,” company president Winston Co said in a statement.
This year its Dalmore flagship store at Uptown Bonifacio in Taguig is expanding the footprint of luxury destination to accommodate whisky drinkers.
A Fundador concept store has also been opened at the Venice Grand Canal Mall in McKinley Hill in Taguig.
Meanwhile, the international business led by its Scotch whisky business is growing, especially in Asia, the Middle East and North America, it said.
“In the Philippines, despite the perennially intense competition and challenging environment in the liquor industry, we expect an evolution brought about by an improving Philippine economy and the growing income of the middle class. We are in a position to capitalize on this,” Co said.