Tanduay says 2011 profit up despite slow volume growth
MANILA, Philippines - Liquor producer Tanduay Distillers Inc. said Wednesday its earnings last year grew 92% to P1.1 billion from 2010 as higher selling prices offset a slowdown in sales volume growth.
The Lucio Tan-led company said its revenues rose 8.8% to P12.3 billion, thanks to a 7.4% improvement in its average selling prices.
The company said its sales volume grew marginally at 1.4%, much slower than 2010's growth of 7.5% and the average growth of 8% in the last five years.
"Apart from the year 2010 being an election year, sales performance in 2011 was also affected by the slowdown in the domestic economy, which grew by only 3.7%," it explained.
Nonetheless, Tanduay said it continued to enjoy brand leadership in the country, with a market share of 34%.
The Tanduay brands include Tanduay Rhum Five Years, ESQ, Rhum 65, Superior, 1854 Rhum and the latest additions, T5 Light and Extra Strong.