LT Group income up by 24% in 2022

LT Group Inc. (LTG) grew its net income by 24 percent last year as some of its business reported growth.

In a disclosure, LTG reported an attributable net income of P25.14 billion in 2022, 24 percent higher than the previous year’s P20.25 billion.

The lower attributable income in 2022 was due to the elimination at the LTG level of the P33.44-billion gain that banking arm Philippine National Bank booked from transferring real estate assets into PNB Holdings Corp. (PHC) in the second quarter of last year.

By business segment, the tobacco business, through PMFTC, accounted for P15.28 billion or 61 percent of total attributable income while PNB contributed P6.61 billion or 26 percent.

Tanduay Distillers Inc. added P1.47 billion or six of total, while Asia Brewery Inc. accounted for P580 million or three percent.

The property business Eton Properties Philippines Inc. contributed P372 million or one percent. Meanwhile, the company’s 30.9 percent stake in Victorias Milling Co. Inc. added P491 million or two percent of total.

PNB’s net income under the pooling method was P11.77 billion in 2022, 65 percent lower than 2021’s P34.02 billion which included a P33.44 billion gain from transferring real estate assets into PHC.

Net interest income, however, was P37.33 billion, or seven percent higher than 2021’s P34.84 billion.

The tobacco business reported a net income of P15.34 billion in 2022, P2.17 billion or 12 percent lower than the P17.50 billion reported in 2021.

Likewise, the company’s volume declined by 6.3 percent to 32.2 billion sticks in 2022, 6.3 percent lower than 2021’s 34.4 billion sticks.

The decline is attributed to trade inventory adjustments and down-trading following the industry-wide price increase in the first quarter of last year.

Tanduay’s net profit for 2022 was P1.47 billion, or 18 percent higher than 2021’s P1.24 billion as liquor volume increased by 16 percent to 27.49 million cases from 23.69 million cases.

Asia Brewery’s net income was P583 million, 23 percent higher than the P475 million reported in 2021.

On the other hand, Eton Properties reported a net income of P373 million in 2022, 32 percent lower than the P550 million reported in 2021.