Ginebra San Miguel Inc. (GSMI), the hard liquor arm of San Miguel Corp., booked strong sales during the first quarter of the year as profits fell lower due to the absence of a one-time gain.
GSMI, which is celebrating its 190th year, said net income dropped 25 percent to P1.9 billion during the first three months of 2023. Excluding this one-time gain, net income would have been higher by 38 percent during the period.
The company also recorded a 17 percent revenue increase to P15.1 billion and P2.3 billion in operating income, surging by 40 percent versus the same period in 2023.
GSMI is the producer of Ginebra San Miguel, the world’s largest-selling gin, according to the leading global drinks journal, Drinks International.
Its other quality distilled spirits include GSM Blue, Ginebra San Miguel Premium Gin, 1834 Premium Distilled Gin, Antonov Vodka, Añejo Gold Rum, G&T Ultralight Spirit Drink (Gin & Tonic), and Primera Light Brandy.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
