Higher expenses undermine Emperador 9-month income

Emperador Inc., a global whisky and brandy company of tycoon Andrew Tan, reported Monday that net income in the first nine months declined 5.6 percent to P6.8 billion, with higher expenses undermining revenue gains.

The liquor company saw revenues increase by 10 percent year-on-year to P47.1 billion in the first nine months of 2023, sustained by sales of single malt whiskies, particularly in Asia and North America.

Third quarter net income rose 5 percent year-on-year, the first quarterly to return an increase this year.

Emperador president Winston Co said the sales continue to rise despite challenges in the global market.

“We have a compelling whisky portfolio driving the international business and a brandy segment driven by innovation and premiumization. Overall, for 2023, our company hopes to end the year with a strong performance,” said Co.

Emperador owns an iconic brandy portfolio led by Spanish brandy Fundador and Emperador Brandy, the world’s largest-selling brandy by volume. It also owns Whyte and Mackay, the world’s fifth largest Scotch whisky producer that owns a sublime and impressive single malt portfolio. The company’s Tamnavulin Speyside Highland Single Malt is the world’s fastest growing single malt in the last five years. 

Emperador is listed on both the Philippine Stock Exchange and the Singapore Exchange.