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Ginebra San Miguel Inc. , which operates the hard liquor business of San Miguel Corp. , on Thursday reported a 25% decline in its net income for the first quarter of the year, reflecting the one-time gain recorded in the previous year.|In a regulatory filing, GSMI said its net income fell to P1.9 billion compared with the previous year, due to a one-time income in March 2023 when the firm sold the rights to Don Papa Rum. Excluding the one-time gain, net income would have increased by 38%.
GSMI produces alcoholic beverages such as GSM Blue, Ginebra San Miguel Premium Gin, 1834 Premium Distilled Gin, Antonov Vodka, Añejo Gold Rum, G&T Ultralight Spirit Drink , Primera Light Brandy, and the Chinese wine Vino Kulafu.The company reported P53.6 billion in revenues for the full-year 2023, bringing the net income to a record P7 billion. Income from operations was recorded at P6.8 billion.GSMI’s subsidiaries include Distileria Bago Inc., East Pacific Star Bottlers Phils Inc.
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