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Ginebra San Miguel first-quarter net income up 81%

Ginebra San Miguel Inc. (GSMI), the spirits business of San Miguel Corp. (SMC), on Thursday reported an 81% growth in its first-quarter bottom line, as the company saw a slight growth in its revenues.

In an emailed statement, GSMI said its net income climbed to P2.5 billion, as its revenues grew by 3% to P12.9 billion in the first three months of the year.

Operating income fell 9% to P1.6 billion, following the lower volumes and higher input costs in the first two months to reflect the temporary impact of a price increase that took place in February.

“Despite the various challenges the industry has faced these past couple of years, GSMI has remained resilient and has consistently delivered excellent results,” GSMI president and chief executive officer Ramon Ang said.

“We’re off to a good start this year and we look forward to implementing programs that will excite our markets and drive our full-year performance,” he added.

GSMI’s brand portfolio includes GSM Blue Light Gin, GSM Blue Mojito, GSM Blue Margarita, GSM Blue Gin Pomelo, GSM Premium Gin, 1834 Premium Distilled Gin, Antonov Vodka, Añejo Gold Rum, G&T Ultralight Spirit Drink, Primera Light Brandy, and Vino Kulafu.

Its subsidiaries include Distelleria Bago Inc., East Pacific Star Bottlers Phils Inc., and Agricrops Industries Inc.

Shares in the company closed Thursday at P141.50 apiece, down by P0.50 or 0.35% from Wednesday’s finish of P142.00.—AOL, GMA Integrated News