MANILA -- Billionaire Andrew Tan's Emperador Inc on Monday said second quarter net income rose 24 percent to P1.9 billion buoyed by e-commerce sales of its international business.
"This is a very positive development during a complex year where external factors put huge pressure on some aspects of our business and open opportunity for others...Business has been resilient in countries without liquor restrictions as consumers sought out our brands in the off-premise and e-commerce channels," said Winston Co, president of Emperador Inc. in a statement.
The liquor and spirits maker, which produces brands Fundador, Emperador and The Bar among others said revenues rose 4 percent in the second quarter to P11 billion, bringing first half revenues to P21.5 billion. Core earnings was at P3.3 billion in the January to June period, it said.
“We took the opportunity to manage costs and this helped our bottom line. The company is mitigating risks and capturing opportunities. We are continuing to grow internationally while fighting to widen our leadership in the Philippines," Co said.
Metro Manila officials earlier banned the sale of liquor in their jurisdictions as the country quarantined millions to control the spread of COVID-19.
Metro Manila, home to nearly 13 million people, continues to be under general community quarantine, that allows the slow restart of the economy.
"Although, we are in good shape, we need to keep pushing as we continue to face unprecedented and very challenging times. Emperador remains strong and resilient, and our global footprint will allow us to emerge stronger and better from this experience,” Co added.