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Ginebra San Miguel Q1 net income up 11%

Ginebra San Miguel Inc. (GSMI), the spirits business of San Miguel Corp. (SMC), on Thursday reported an 11% growth in its net income for the first quarter of the year, on the heels of its continued growth over the last 11 years. In a regulatory filing, GSMI said its net income rose to P2.1 billion, as consolidated revenues grew by 8% to P16.3 billion, while operating income increased by 8% to P2.5 billion. 'Our spirits business, Ginebra San Miguel Inc., has demonstrated remarkable strength over the years, even in the face of various challenges, including the global pandemic,' GSMI president and chief executive officer Ramon Ang said. 'The company's over a decade-long growth trajectory clearly shows the wide appeal of our brands and the company's overall resilience and strength,' he added. GSMI last year reported a record net income of P7.3 billion, reflecting a 3% increase from the previous year as it sold 50 million cases for the first time, and gained a larger share of the local liquor market. Sales revenues for the year climbed 17% to P62.5 billion. The company's brands include Ginebra San Miguel Gin, Ginebra San Miguel Premium Gin, GSM Blue Light Gin, GSM Blue Mojito, GSM Blue Margarita, GSM Blue Gin Pomelo, GSM Blue Lychee Martini, Ginebra San Miguel, 1834 Premium Distilled Gin, Archangel Reserve Premium Dry Gin, Antonov Vodka, Freedom Island Light Rum, Primera Light Brandy, and Chinese wine Vino Kulafu. — Jon Viktor D. Cabuenas/BM, GMA Integrated News