Lucio Tan-led Tanduay Holdings Inc. (THI) reported P333 million in net income last year, a 273-percent rise from P89 million in 2007.
In a disclosure to the Philippine Stock Exchange, THI said its consolidated revenues grew 18 percent to P9 billion last year on the back of strong liquor sales.
THI's liquor unit, Tanduay Distillers Inc. (TDI), registered a 14-percent growth in sales volume last year, owing to its strong market dominance in Southern Philippines.
The opening of TDI's new production facility in Cagayan de Oro in Northern Mindanao also contributed to sales growth in 2008. The new plant, which currently serves 50 percent of the region's requirements, made Tanduay products more readily available in Mindanao.
"A mid-year price increase also helped in the increase in revenues. The impressive volume growth can also be attributed to the sustained advertising and promotional campaigns, which pushed brand awareness and patronage of TDI's liquor products to higher levels," THI said.
Aside from TDI, THI's other subsidiaries include Absolut Chemicals Inc., Asian Alcohol Corp., and Tanduay Brands International.
Last year, THI sold its special purpose vehicle (SPV) unit Unimark Investments to its parent firm Tangent Holdings Corp. to focus on its main business.
Unimark became a wholly-owned subsidiary of THI in 2006, buying bad loans and non-performing assets which include real estate properties of banks. These, in turn, are sold to interested buyers.