Emperador earnings drop in 2023
MANILA, Philippines — Earnings of Emperador Inc. fell by double digits last year due to higher interest expense and tax.
The listed brandy and whisky company led by Andrew Tan recorded a 10.5-percent drop in net profit to P8.63 billion in 2023 from P9.65 billion the previous year.
Revenues of the company, however, continued to increase due to the continued strong performance of whisky.
Emperador saw its topline increase by 4.6 percent to P65.64 billion last year from P62.77 billion the previous year.
Whisky performance improved across many markets, with revenues rising by 16.3 percent to P25.67 billion from 2022’s P22.08 billion.
Brandy revenue, however, slipped by 1.8 percent to P39.97 billion from P40.69 billion on softer consumer demand.
A global spirits conglomerate, Emperador owns 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 single malt portfolio.
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