La Tondeña nets P814M in H1

La Tondeña Distillers Inc. (LTDI), the liquor unit of the San Miguel Group, earned 48 percent more during this year’s first semester, bringing net profit to P814 million as its corporate restructuring brought about a marked improvement in sales and efficiency.

In 2001, LTDI’s net income rose 39 percent to P1.9 billion on the back of a P617-million gain from the sale of its bottled water and juice businesses and P79-million income from the discontinued operations.

Despite the sale of its water and juice lines to its sister company Coca-Cola Bottlers Philippines Inc. late last year, LTDI’s revenues remain anchored on its hard liquor products led by the flagship Ginebra San Miguel, GSM Blue Añejo Rum, Tondeña Manila Rum, San Miguel Bravo Rum, Oxford London Dry Gin, Vino Kulafu and Cordial Lime Mixer.

The spin-off, however, still left LTDI with the Jellyace brand of ready-to-eat jelly snacks and desserts under wholly-owned subsidiary Sugarland Corp.

LTDI officials said growth was sustained in the second quarter, posting a strong 62- percent rise during the period, as the company was able to capitalize on its strengthened financial position, focused sales and successful penetration efforts in Southern Philippines, which traditionally contribute less than 10 percent of total revenues. – Conrado Diaz Jr.