LT GROUP NET INCOME UP 313%

LT Group Inc. (LTG) reported revenues of P71.34 billion in the first nine months of 2022, up 6 percent from its P66.94billion figure in 2021. It also posted net income of P25.66 billion, an increase of 313 percent from the same period last year.

The tobacco business accounted for P12 billion of total attributable income, Philippine National Bank (PNB) contributed P6.46 billion, Tanduay Distillers Inc. (TDI) added P855 million, Asia Brewery Inc. (ABI) accounted for P428 million and Eton Properties Philippines Inc. (Eton) contributed P334 million.

PMFTC Inc.’s volume for the first three quarters of 2022 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 nine-month span of 2022 was P860 million, a 14-percent drop from 2021’s P1 billion. Liquor volume grew 10 percent for the first nine months of 2022 year on year 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 nine-month period of 2022 was at 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 three quarters of 2022 was at P335 million, 9 percent lower than the P367 million reported for last year. Income in 2022 was largely from leasing operations. Eton currently has a leasing portfolio of 283,000 square meters.