LT Group doubles earnings to P20.4 B

LT Group, Inc. (LTG), the flagship of taipan Lucio Tan, reported a 105 percent surge in attributable net income to P20.41 billion for the first nine months of 2022 from the P9.95 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its tobacco business accounted for P12.00 billion or 59 percent of total attributable income.

Philippine National Bank (PNB) contributed P6.46 billion or 32 percent, Tanduay Distillers, Inc. (TDI) added P855 million or 4 percent of total, while Asia Brewery, Inc. (ABI) accounted for P428 million or 2 percent.

Eton Properties Philippines, Inc. contributed P334 million or 2 percent while the 30.9 percent stake in Victorias Milling Company, Inc. (VMC) added P186 million or 1 percent of total.

LTG Parent also booked net other income of P154 million, less than 1 percent of total attributable income.

PNB’s net income under the pooling method was P11.49 billion for the first three quarters of 2022, 53 percent lower than the P24.44 billion posted in the comparative period last year which included a P33.60 billion gain from transferring real estate assets into PNB Holdings Corporation (PHC).

The tobacco business reported a net income of P12.04 billion for the first nine months of 2022, 10 percent lower than the P13.32 billion reported in the same period of 2021.

PMFTC’s volume was 4.5 percent lower year-on-year and the higher excise taxes that the company had to absorb prior to the price increase also affected profits.

TDI’s net profit for the first three quarters of 2022 was P860 million, 14 percent lower than the P1.00 billion posted in the same period last year.

Liquor volume grew 10 percent y-o-y while bioethanol’s volume was 9 percent higher. The lower profit is largely attributed to higher alcohol and fuel costs.

ABI’s net income for the first nine months of 2022 was P428 million, 4 percent higher than the P411 million reported for the same period last year. ABI’s products saw improved volumes, except for packaging, but higher raw material and energy costs tempered profits.

Eton’s net income for the first nine months of 2022 was P335 million, 9 percent lower than the P367 million reported for the comparative period of 2021. Income in 2022 was largely from leasing operations as it has a leasing portfolio of 283,000 square meters.

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The article was originally published in Manila Bulletin and written by James A. Loyola.