LT Group Inc., a holding firm controlled by taipan Lucio Tan’s family, reported an almost flat attributable net income of P25.42 billion for 2023, a measly one percent higher than 2022’s P25.14 billion.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its tobacco business contributed 45 percent while Philippine National Bank accounted for 42 percent. 

Tanduay Distillers Inc. added six percent while Asia Brewery and Eton Properties Philippines Inc. accounted for two percent each. The stake in Victorias Milling Company was one percent of total while other income accounted for two percent.

The tobacco business’ net income fell 26 percent to P11.38 billion last year from 2022’s P15.34 billion as the industry’s volume (excluding illicit trade) was 20 percent lower year-on-year (y-o-y) largely due to the industry-wide price increase in the first quarter of 2023, increasing illicit incidence and trade inventory movements.

PNB’s net profit under the pooling method was P19.02 billion, 62 percent higher than 2022’s P11.77 billion. The 2023 profit included a P4.54 billion gain from the sale of repossessed assets, compared to P7.78 billion in 2022.

TDI’s net income for 2023 was P1.57 billion, seven percent more than 2022’s P1.47 billion as the volume of liquor and bioethanol were lower by 15 percent and 30 percent, respectively. 

Due to the volume drop, revenues declined five percent to P29.95 billion in 2023 from P31.62 billion in the previous year.

ABI’s net income for 2023 was P578 million, one percent lower than 2022’s P583 million while revenues were also one percent higher at P17.38 billion from P17.23 billion on the back of higher volume for bottled water and price increases in the first quarter of 2023.

Eton’s net profit in 2023 rose 21 percent to P453 million from P373 million in 2022 as leasing revenues grew 17 percent y-o-y. Net other Income was six percent higher at P434 million from P410 million, due to higher hotel income and common area maintenance fees and charges.