LT Group Inc., the holding company of billionaire Lucio Tan, reported a slight uptick in first-quarter earnings to P6.53 billion from P6.49 billion in the same period last year.
LT Group said in a disclosure to the stock exchange the strong performance of banking and liquor businesses tempered the decline in earnings from tobacco, beverage and property businesses.
The tobacco business accounted for P4.21 billion or 64 percent of the total attributable income, followed by Philippine National Bank which shared P1.61 billion or 25 percent of the total.
Tanduay Distillers Inc. added P330 million; Eton Properties Philippines Inc., P127 million; and Asia Brewery Inc., P80 million.
The company’s 30.9-percent stake in sugar miller Victorias Milling Company Inc. added P111 million.
The company’s tobacco business reported a net income of P4.22 billion in the first three months, down 16 percent year-on-year despite higher volume.
“There was no price increase implemented in 2021 and most of 1Q22, with the previous one in October 2020, so the lower profit can be attributed to the P5 increase in excise taxes that PMFTC Inc. had to absorb starting Jan. 1, 2022,” LT Group said.
TDI’s net profit in the first quarter rose 42 percent to P333 million, on higher liquor and bioethanol volume. As of end-March, TDI’s nationwide market share for distilled spirits was at 30.2 percent, compared to end-March 2021’s 26.5 percent.
Eton reported a 15-percent decline in first-quarter profit to P128 million from P150 million a year ago.
ABI’s net profit in the first quarter was P80 million, down 60 percent year-on-year. Despite the higher volumes for its products, higher raw material, fuel and other costs resulted in lower profits.