LT Group posts P20.25-B profit

LT Group, Inc. (LTG), the holding company of tycoon Lucio Tan, posted an unaudited net income of P20.25 billion last year, 3.7 percent lower than the P21.02 billion reported in 2020.

In a disclosure to the Philippine Stock Exchange, the firm said its tobacco business accounted for P17.43 billion or 86 percent of total attributable income.

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Tanduay Distillers, Inc. (TDI) added P1.24 billion, 6 percent of total; Eton Properties Philippines, Inc. (Eton) contributed P548 million or 3 percent, while Asia Brewery, Inc. (ABI) accounted for P475 million or 2 percent.

The firm’s 30.9 percent stake in Victorias Milling Company, Inc. (VMC) added P258 million or 1 percent while Philippine National Bank (PNB) had a net contribution of P308 million or 2 percent of total after eliminating the gain of P33.44 billion from the transfer of real estate assets.

PNB’s net income under the pooling method was P34.02 billion for 2021. This included the P33.44-billion gain that the bank booked from transferring real estate assets into PNB Holdings Corporation (PHC), wherein 51 percent was subsequently declared as a property dividend.

The tobacco business had a net income of P17.50 billion in 2021, 4 percent more than 2020’s P16.89 billion despite a hike in excise tax.

The firm warned that, “Continued price hikes to pass on higher excise taxes may result in further volume declines.” TDI’s net income for 2021 was P1.24 billion, 11 percent higher than 2020’s P1.12 billion. Liquor volume was slightly lower, but bioethanol sales were higher.

Eton reported a net income of P550 million in 2021, 31 percent lower than the P802 million reported for the previous year, due to the decline in residential unit sales and lower leasing income.

ABI’s net income for 2021 was P475 million, 20 percent lower than 2020’s P591 million. The volume of Cobra Energy Drink was higher, but volumes of Absolute and Summit bottled water and Vitamilk soymilk were lower, as ABI’s on-the-go sales at convenience stores continue to be adversely affected by the various forms of lockdowns imposed since March 2020.

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