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La Tondena nine-month net up

Philippine liquor firm, La Tondena Distillers Inc., said its net income in the first nine months of the year more than doubled to Pso 708 million from the year-earlier figure.
Net sales in the Januar…

Philippine liquor firm, La Tondena Distillers Inc., said its net income in the first nine months of the year more than doubled to Pso 708 million from the year-earlier figure. Net sales in the January to September period reached Pso 7.5 billion, up 7% from last year“s Pso 7 billion. La Tondena said last year its nine-month net income was Pso 310 million. It said the increase “was achieved as a result of increased operating efficiencies and significant reduction in debt levels and interest expenses”. Operating income rose 9% to Pso 1.6 billion during the nine-month period due to lower alcohol costs and better selling prices, it said. The firm said its strong cash position reduced its debt by Pso 328 million, improving the debt to equity ratio to 1.1 in September from 1.4 in December 1998.

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