GSMI income shrinks sans one-time gain

MANILA, Philippines — Earnings of Ginebra San Miguel Inc. (GSMI), the hard liquor unit of San Miguel Corp., declined in the first quarter despite higher revenues on the absence of a one-time gain.

GSMI reported a net income of P1.9 billion during the three-month period, down by 25 percent from a year ago due to a one-time income in March 2023.

Without the one-time gain in  March 2023, the company’s net income would have risen by 38 percent.

Revenues generated in the first quarter grew by 17 percent to P15.1 billion, while income from operations surged by 40 percent to P2.3 billion.

GSMI said first quarter sales jumped on the back of higher sales volumes, attributed primarily to the effectiveness of the “Lamang ang May Tapang” campaign and the ongoing “Lamang and Panalo” promo.

As part of the flagship brand’s 190th anniversary celebration, GSMI said it has lined up activities such as the month-long celebration of World Gin Day in June, as well as Ginumanfest concerts featuring top musical artists and brand ambassadors.

GSMI is the producer of Ginebra San Miguel, the world’s largest-selling gin, according to 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 & Tea), Primera Light Brandy and the Philippines’ No. 1 Chinese Wine Vino Kulafu.