LT Group, Inc. (LTG), the investment arm of taipan Lucio Tan, reported a two percent dip in attributable net income to P6.38 billion for the first quarter of 2023 from the P6.53 billion earned in the same period last year. In a disclosure to the Philippine Stock Exchange, the firm said its tobacco business accounted for 48 percent of earnings, Philippine National Bank contributed 43 percent, while Tanduay Distillers Inc added 4percent. Eton Properties Philippines Inc. provided two percent while Asia Brewery, Victorias Milling Company and Other Income each accounted for one percent. The tobacco business’ net income in the first quarter of 23 was P3.06 billion, a 28 percent decline year-on-year (y-o-y), as PMFTC saw a 31.1 percent drop in volume during the period. The industry’s volume was 27.5 percent lower y-o-y in the first quarter of 23, largely due to the industry-wide price increase to pass on the hike in excise tax. The government continued its efforts against the illicit trade with 306 enforcements in the first quarter of 2023, compared to only 55 in the same period of 2022. For the first quarter of 2023, PNB’s net profit under the pooling method was P4.83 billion, equivalent to a P2.0 billion of 71 percent increase compared to the same period last year. The first quarter 2023 profit included a P1.98 billion gain (net of tax) from the sale of repossessed assets, compared to P104 million in the same period of 2022. TDI’s net income for the first quarter of 2023 amounted to P258 million, which is 23 percent lower y-o-y. Both the volume of liquor and bioethanol were lower, the latter due to the closure of Asian Alcohol Corporation in October 2022. As of March 2023, TDI’s nationwide market share for distilled spirits was at 29.1 percent. In the Visayas and Mindanao regions where most of TDI’s sales are generated, market share was at 71.6 percent and 77.1 percent, respectively. Eton’s net income for the first three months of 2023 was P122 million, 5 percent lower than the same period last year. This was on the back of a 3 percent decline in leasing revenues. ABI’s net income for the first quarter of 2023 was P75 million, 6 percent lower than the same period last year. Revenues were slightly lower as most products saw a decline in volume. Cobra energy drink maintained its leadership with a market share of 60.6 percent while bottled water brands Absolute and Summit have the third-largest share at 19.4 percent.