Ginebra San Miguel reports P361M net profit for 2016
Ginebra San Miguel Inc. turned around its performance last year to report a net profit of P361 million from a loss of P386 million in 2015.
In a disclosure to the stock exchange, Ginebra San Miguel attributed its net income to the 71-percent reduction its income tax expense. The loss in 2015 happened despite a one-time gain from the sale of an asset.
The company said its revenues grew by 12 percent to P18.6 billion because of the increase in the volume as well as the price increase it implemented on its liquor products beginning January 2016.
Ginebra San Miguel said its liquidity improved in 2016, with its cash and cash equivalents increasing by 74 percent, with receivables decreasing by 14 percent because of the improvement in collection and effective management of its receivables.
The company said it “will continue to endeavour and implement its consumer-focused strategies to sustain full recovery and further strengthen its market position in the hard liquor industry.”