LT Group Inc., the listed holding company of tycoon Lucio Tan, said attributable net income surged 105 percent in the first nine months to P20.41 billion from P9.95 billion in the same period last year.
The company said in a disclosure to the stock exchange consolidated nine-month revenues climbed 6.6 percent to P71.3 billion from P66.9 billion in 2021.
“The improvement in the banking segment’s result more than offset the decline in the tobacco, distilled spirits and property development segments’ performance,” LT Group said.
The group said the tobacco business accounted for P12 billion or 59 percent of total attributable income, while banking unit Philippine National Bank contributed P6.46 billion or 32 percent.
Tanduay Distillers Inc. added P855 million, while Asia Brewery Inc. and Eton Properties Philippines Inc. contributed P428 million and P334 million, respectively.
The company’s 30.9-percent stake in Victorias Milling Company Inc. added P186 million.
PNB’s net income reached P11.49 billion in the first three quarters, down 53 percent from P24.44 billion a year ago. Last year’s net income included a one-time gain of P33.6 billion from transferring real estate assets into PNB Holdings Corp.
LTG’s tobacco business reported a nine-month net income of P12.04 billion, down 10 percent from P13.32 billion in the same period last year. The decline was largely due to lower volume and increase in excise taxes that PMFTC Inc. had to absorb.
Net income of TDI fell 14 percent in the first three quarters to P860 million as the higher alcohol and fuel costs offset the 10-percent increase in liquor volume.
TDI’s nationwide market share for distilled spirits was 30.7 percent as of end-September.
ABI’s nine-month net income increased 4 percent to P428 million on the back of improved volumes.
Property unit Eton registered a 9-percent decline in net income to P335 million on lower leasing revenues.
LTG declared a P0.30 per share special dividend which was paid on Sept. 15. Jenniffer B. Austria