Profits of Emperador Inc. fell by 16 percent in the first quarter of the year due to the coronavirus disease 2019 (COVID-19) pandemic.
Emperador, which owns Emperador Distillers Inc., Scotch whisky maker Whyte and Mackay Group and Bodegas Fundador in Spain reported a net income of P1.5 billion in the January to March period, down from P1.7 billion last year.
Revenues amounted P10.7 billion in the January to March period, down by 3 percent from P11 billion a year ago.
“This was mainly attributed to the lockdown and travel restrictions that hampered sales growth,” Emperador said.
The company said he entire Luzon and almost the whole country were under lockdown from the second half of March, which paralyzed all non-essential business activities.
The Brandy segment realized a 5 percent year-on-year uptick in net profit to owners, reported at P1.1 billion this year, inspite of a 1 percent slash in revenues to external customers recorded at P7.6 billion as compared to P7.7 billion a year ago.
“‘Emperador’ was experiencing a good kickoff when it was halted by the lockdown implemented from mid-March which caused Emperador to suspend production and distribution in compliance with government mandate,” the company said.
It added that liquor bans were also imposed by most localities.
The Scotch Whisky segment registered 8% less revenues to external customers which totaled P3.1 billion this quarter as compared to P3.3 billion a year ago, out of which it tucked in net profit to owners of P323 million.