Ginebra San Miguel Inc., the liquor arm of the San Miguel Group, saw net profit in the first quarter dropped to P1.91 billion from P2.53 billion, which included a large earnings gain recognized from the transfer of rights to the Don Papa rum and cocktail products.
Other income this year plunged to P90.1 million from P1.66 billion in the year-earlier period.
Ginebra reported a 17 percent increase in first quarter sales to P15.12 billion due to higher volume returned by major brands and an increase in product prices.
With cost of sales up 15 percent to P11.39 billion, Ginebra posted a gross profit in the quarter increased 22 percent to P3.72 billion. The gain was due to higher selling price, generally stable costs of major materials, and improved biogas generation of its distillery.
Ginebra produces and sells gin, brandy, rum, and vodka under brands such as GSM Blue, Primera Light Brandy, GSM Blue Flavors, Ginebra San Miguel Premium Gin, Vino Kulafu, Gran Matador Solera Gran Reserva Brandy, Tondena Manila Rum, Antonov Vodka, and Anejo Dark Rum.
