Brandy and whisky group, Emperador, which has a secondary listing on the Singapore Exchange S68 (SGX), has reported earnings of 3.81 billion Philippine pesos ($87.6 million) for the 1HFY2024 ended June 30, 19.6% lower y-o-y. The group's primary listing is on the First Board of the Philippine Stock Exchange.
For the 2QFY2024, the group’s earnings stood at 2.07 billion pesos, 14.3% lower y-o-y.
1HFY2024 revenue fell by 7.9% y-o-y to 28.64 billion pesos as both brandy and whisky revenues fell on a y-o-y basis.
Profit before tax fell by 17.6% y-o-y to 4.6 billion pesos.
“While global beverage alcohol markets stayed subdued during the first half of the current year, as households remain generally under considerable financial pressure due to rising prices, the group remains resilient due to its diversified product portfolio, which covers numerous price points, and its wide distribution reach in over 100 global markets,” says the group in its Aug 7 financial results statement.
“While gross profit margins were easily swayed by product-sales mix, the group’s gross profit ratio stayed within 33% of sales for 2QFY2024 and 1HFY2024 this year,” it adds.
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In a press release dated Aug 6, Winston Co, president of Emperador, stated that the company's fundamentals are "intact" and that its long-term trajectory is still "on track".
"Once global economies improve and consumer demand for premium and luxury products returns, our performance will see new heights. The company continues to strategically invest in the business for the future," he adds.
Shares in Emperador closed flat at 42.5 cents on Aug 7.
