LT Group Inc. grew its profit last year by 24 percent to P25.14 billion from P20.25 billion in 2021.
The conglomerate reported that its tobacco business accounted for P15.28 billion or 61 percent of total attributable income; Philippine National Bank (PNB), P6.61 billion or 26 percent; Tanduay Distillers Inc. (TDI), P1.47 billion or 6 percent; Asia Brewery Inc. (ABI), P580 million or 3 percent; and Eton Properties Philippines Inc., P372 million or 1 percent.
The 30.9 percent stake in Victorias Milling Company Inc. added P491 million or 2 percent of total, while the LT Group parent also booked net other income of P340 million or 1 percent of total attributable income.
PNB’s profit under the pooling method stood at P11.77 billion, down from P34.02 billion in 2021. Net interest income rose 7 percent to P37.33 billion from P34.84 billion in 2021.
The tobacco business ported a profit of P15.34 billion, down 12 percent from P17.50 billion in 2021. Unit Philip Morris Fortune Tobacco Corp. sold 32.2 billion sticks for the period, 6.3 percent lower than 2021’s 34.4 billion sticks.
TDI posted a profit of P1.47 billion, 18 percent higher than P1.24 billion the prior year.
Liquor volume increased by 16 percent to 27.49 million cases from 23.69 million cases.
The other beverage business under ABI saw profit go up by 23 percent to P583 million from P475 million in 2021. The conglomerate said sales volume of ABI’s products improved, except for packaging.
Eton realized a profit of P373 million, down 32 percent from P550 million in 2021. Eton currently has a leasing portfolio of 283,000 square meters. – Ruelle Castro
