LT Group Inc. (LTG) of tycoon Lucion Tan said Monday its attributable net income for 2023 reached P25.42 billion, up from previous year’s P25.14 billion as core businesses delivered mixed results.
The group’s tobacco business contributed 45 percent to the total net income, while banking unit Philippine National Bank (PNB) accounted for 42 percent, it said in a stock exchange filing.
Tanduay Distillers Inc. (TDI) added 6 percent, while Asia Brewery Inc. (ABI) and Eton Properties Philippines Inc. accounted for 2 percent each.
Consolidated revenues rose 14.2 percent in 2023 to P15.3 billion from the 2022 level on improved revenues from the banking, beverage and property development segments.
Net income of the group’s tobacco business amounted to P11.38 billion in 2023, down 26 percent from a year ago level of P15.34 billion on lower volume.
LTG said the industry’s volume was down 20 percent year-on-year largely due to the industry-wide price increase implemented in the first quarter of 2023, increasing illicit incidence and trade inventory movements.
PNB’s net profit, under the pooling method, climbed 62 percent to P19.02 billion from the 2022 level of P11.77-billion. The bank’s 2023 profit included a P4.54-billion gain from the sale of repossessed assets, lower compared to P7.78-billion in 2022.
TDI’s net income for 2023 was P1.57 billion, up 7 percent from P1.47 billion in 2022, even as volume of its liquor and bioethanol businesses went down by 15 percent and 30 percent, respectively.
ABI’s net income amounted to P578 million last year, down 1 percent from P583 million as expenses grew faster than sales.
ABI’s sales were flat at P17.3 billion, while operating expenses increased to P2.8 billion on higher selling expenses.
Net income of Eton, the group’s property firm, amounted to P453 million, up 21 percent year-on-year on higher leasing revenues.
Eton has a leasing portfolio of around 289,000 square meters (sq. m.), including close to 192,000 sq. m. in office space.
