The LT Group Inc., the holding firm of most businesses of tycoon Lucio Tan, said its attributable income jumped by fourfold to P15.4 billion in the first half from last year’s P3.73 billion.
“The improvement in the banking segment’s result more than offset the decline in the tobacco, beverage, distilled spirits and property development segments’ performance,” the company said in its report.
The tobacco business accounted for P7.74 billion or half of its total attributable income, while Philippine National Bank contributed P6.28 billion or 41 percent.
Liquor maker Tanduay Distillers Inc. added P561 million or 4 percent of total, Asia Brewery Inc. accounted for P294 million or 2 percent, Eton Properties Philippines Inc. contributed P257 million or 2 percent, while its 30.9 percent stake in Victorias Milling Co. Inc. added P186 million or 1 percent. LTG Parent also booked a net other income of P84 million, less than 1 percent of the total.
The company said PNB’s net income under the pooling method fell 50 percent to P11.15 billion from last year’s P22.2 billion after it booked a P33.6-billion gain when it transferred real estate assets to PNB Holdings Corp.
Net interest income reached P17.34 billion, 3 percent or P491 million higher than last year’s P16.85 billion.
Other income dropped 82 percent to P6.38 billion from P36.02 billion as year as it included the gain from the transfer of real estate assets to PNB Holdings.
Its tobacco business under PMFTC Inc. reported a net income of P7.77 billion for the period, 14 percent lower than the P9.01 billion last year as volume was relatively flat.
The lower profits can be attributed to the increase in excise taxes that PMFTC had to absorb as a price increase was only implemented in the end of March 2022.
There was no price increase in 2021, and the previous one was in October 2020. Under Republic Act 11346, a P5 per pack increase in excise taxes took effect on January 1, 2021 to P50 per pack of 20 sticks, and another P5 per pack increase to P55 starting January 1, 2022.
The industry’s volume was estimated at 26.9 billion sticks for the first half, some 100 million sticks higher over the same period last year.
The government continued its efforts against the illicit cigarette trade with 135 enforcements for the period from 98 last year.
Tanduay’s net profit for the period reached P564 million, 7 percent lower than last year’s P605 million. Liquor volume was 10 percent higher while bioethanol’s volume was 25 percent higher.
The lower profit is largely attributed to higher alcohol and fuel costs, the company said.
As of the end of June, Tanduay’s nationwide market share for distilled spirits was at 28.5 percent, up from last year’s 26.9 percent. In the Visayas and Mindanao regions where most of its sales are generated, market share was at 70.3 percent and 73.8 percent, respectively, compared to last year’s 68.2 percent and 79.5 percent.
Asia Brewery’s net income reached P294 million, 14 percent lower than the P343 million last year despite the higher volumes of its products. It said higher raw material, fuel and other costs resulted in lower profits.
Eton, meanwhile, had a net profit of P258 million, 10 percent lower than P288 million last year.
Projects in the pipeline include Eton City Square in Sta. Rosa, Laguna, which will add 5,824 square meters of net leasable space. Meanwhile, the residential component of Blakes Tower will add 13,900 square meters of leasable area. The company currently has a leasing portfolio of 237,000 square meters.
Banking unit buoys income of LT Group in Jan-June & Latest News Update
Banking unit buoys income of LT Group in Jan-June & More Live News
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Banking unit buoys income of LT Group in Jan-June & More News Today
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