Cheers! Resilient consumer demand buoys earnings of Lucio Co’s liquor arm

Strong sales of imported wine, spirits and specialty beverages pushed up the net income bilyonaryo Lucio Co’s The Keepers Holdings Inc. by 39.5 percent in the six months through June.

The largest imported liquor distribution company in the Philippines grew its profit to P980.75 million from P702.81 million in the first semester last year due to robust sales across all its product categories.

Revenues went up by 27.4 percent to P5.48 billion on the back of a 23 percent growth in volume of cases sold which totaled to over 2.1 million cases.

Keepers said Alfonso, the leading imported brandy in the market, has already surpassed its pre pandemic levels.

Sales from wines as well as specialty beverages categories also registered remarkable growth, indicating recovering demands given the easing of community restrictions.

Keepers ended June with a strong balance sheet of over P7 billion in cash. The amount will be utilized for the expansion of the company’s diversified and curated liquor portfolio as well as its distribution capabilities across the country in line with its medium-term strategic expansion plans and programs.

Profit of Yap-led CEU clobbered by pandemic restrictions

Centro Escolar University (CEU), controlled by he heirs of the late Don Emilio Yap, saw a 23 percent decline in net income during its fiscal year ending May this year to P119.05 million due to the deferral of revenues and recognition of contract liabilities.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

GOLD! Trending Today
PLATINUM! Trending This Week
TITANIUM! Trending This Month