LT Group profit flat in first quarter of 2022

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Metro Manila (CNN Philippines, May 14) — LT Group Inc. posted flat earnings from January to March 2022 amid mixed performances from its units.

Business tycoon Lucio Tan’s conglomerate disclosed Friday an attributable net income of ₱6.53 billion for the period, slightly up from ₱6.49 billion in the first quarter of 2021.

LT Group’s tobacco business, which accounted for 64% of its total earnings, saw profit fall 16% to ₱4.22 billion despite improved stick volume amid looser COVID-19 restrictions.

“There was no price increase implemented in 2021 and most of 1Q22, with the previous one in October 2020, so the lower profit can be attributed to the Php5 increase in excise taxes that PMFTC had to absorb starting January 1, 2022,” said the conglomerate.

The Philippine National Bank, meanwhile, reported ₱2.86 billion in net income under the polling method - a 57% year-on-year improvement. The bank contributed 25% of LT Group’s income.

Tanduay Distillers Inc., which comprised 5% of the conglomerate’s overall income, saw its earnings grow 42% to ₱333 million amid higher liquor and bioethanol volumes.

Eton Properties Philippines Inc. registered a profit of ₱128 million, easing 15% annually. LT Group said this unit represents 2% of its bottomline for the first quarter.

Asia Brewery Inc., which contributed 1% of the group’s attributable income, saw its earnings plunge 62% to ₱211 million as higher raw material, fuel, and other costs offset higher product volumes.

“The 30.9% stake in Victorias Milling Company, Inc. (VMC) added Php111 million or 2% of total. LTG Parent also booked net Other Income of Php65 million or 1% of total income,” LT Group added.