Loss of Fundador brings down Lucio Co’s liquor business by 5%
The loss of Fundador has dragged down the liquor business of Lucio Co’s Cosco Capital Inc., shrinking its consolidated revenues by five percent to P4.3 billion.
In a disclosure to the stock exchange, Cosco Capital said the drop is “mainly attributable to revenue reduction from its Fundador brandy category which was recently sold to a local competitor.”
Fundador was bought by Andrew Tan’s Emperador Inc. last year.
However, the company said the net income from its liquor distribution segment amounted to P748.7 million, a 14-percent growth compared to the P659.6 million reported in 2015.
Cosco Capital’s liquor distribution business is concentrated in three companies: Montosco Inc., Meritus Prime Distributions Inc., and Premier Wine and Spirits.
Montosco imports and distributed Alfonso brandy, Vino Fontana, Diageo, Brown Foreman, Patron spirits and Castel wines
Meritus Prime Distributions is the exclusive distributor of Beam Global Spirits and Wine.
Premier Wine and Spirits is the exclusive distributor of Chivas Regal Scoth Whisky, Absolut Vodka, Jose Cuervo Tequila, Jagermeister, and the wine for the Catholic mass, Mompo.