Ginebra Reports Strong 1Q Income and Revenue Growth

Mandaluyong—(PHStocks)—Ginebra San Miguel Inc. (PSE: GSMI), the hard liquor unit of San Miguel Corp. (PSE: SMC), continued to make gains this year following a return to profitability in 2016.

GSMI revenues for the first quarter of 2017 rose by 31% to PhP5.1 billion as volumes grew 32%. Net income for the same period more than doubled to PhP129 million from PhP54 million.

“We are confident that we will continue this growth trajectory for the rest of the year as we build on our inherent assets—strong, relevant brands and highly effective routes to market,” GSMI President Bernie Marquez said. “Our marketing efforts are geared towards solidifying our hold on core consumers. We also continue to implement measures to capture the new and more sophisticated market through our complementary brands GSM Blue, Ginebra San Miguel Premium Gin and Primera Light Brandy.”

For the full year 2016, GSMI reported a consolidated revenue of PhP18.6 billion, an increase of 12% from the prior year. Net income reached PhP361 million, a reversal from the prior year’s PhP386 million net loss.