GSMI profit almost doubles to P980 M

Published August 7, 2019, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Ginebra San Miguel, Inc. (GSMI), the hard liquor unit of San Miguel Food and Beverage, Inc. (SMFBI), continued to deliver robust results with net income surging 94 percent to P980 million the first half of the year.

In a disclosure to the Philippine Stock Exchange, the firm said revenues rose 20 percent to P14.7 billion in the first six months of the year while operating income jumped 85 percent to P1.6 billion.

Consolidated EBITDA reached P2 billion, 66 percent higher than the previous year. Aside from wider distribution and improved efficiencies from operations, the campaigns of core brands Ginebra San Miguel and Vino Kulafu for the first half of the year helped to further drive growth as volumes rose 17 percent against last year.

Supporting brands GSM Blue Light Gin and the GSM Blue Flavors line registered an aggregate volume growth of 70 percent.