By James A. Loyola
Emperador Inc., the world’s largest brandy company, reported a 10 percent dip in net income to P4.4 billion during the first nine months of 2017 from the P4.9 billion earned in the same period last year.
Emperador produces the largest volume of brandy in the world and owns Spanish brandy and sherry brands led by the iconic Fundador as well as Scotch whisky brands led by The Dalmore and Jura.
In a disclosure to the Philippine Stock Exchange, the firm said revenues was almost flat at P27.6 billion in January to September this year from the P27.9 billion reported in the comparable period of 2016.
Emerador recorded a net income of P1.7 billion on revenues of P9.5 billion in the third quarter of 2017, reflecting an 18 percent profit growth over the same period last year.
“We have committed considerable amount of resources to bring new exciting products to the Philippine and overseas markets,” said Emperador President Winston Co said.
He explained that, “this is in line with ongoing efforts in pursuit of premiumization strategy in the Philippines as well as our strategy to grow Scotch whisky business worldwide and also potentially partake in the comeback of international brandy particularly in the luxury end of the spectrum.”
Meanwhile, the company has an ongoing buyback of shares of up to P5 billion over a 24-month period that began in May this year on the back of management’s belief that company shares are undervalued and that this exercise will enhance shareholder value over time.
Emperador Inc., a publicly traded company at the PSE, owns Emperador Distillers, Inc., Scotch whisky maker Whyte and Mackay Group, and Bodegas Fundador in Spain.