LT Group, Inc.(LTG), the investment arm of taipan Lucio Tan, reported a one percent improvement in attributable net income to P6.42 billion for the first quarter of 2024 from the P6.38 billion registered in the same period last year.

The firm’s disclosure to the Philippine Stock Exchange showed that earnings were weighed down by lower contributions from its tobacco, liquor, and real estate businesses.

Philippine National Bank (PNB) contributed P2.97 billion or 46 percent of total, the tobacco business added P2.65 billion or 41 percent, and Tanduay Distillers added P254 million or four percent. 

Asia Brewery, Eton and Victorias Milling Company accounted for two percent each, at P155 million, P116 million and P100 million, respectively. Other Income was P168 million of total or three percent.

For the first three months of 2024, PNB’s net profit under the pooling method was P5.31 billion, 10 percent higher than the P4.83 billion reported for the same period in 2023.

The tobacco business reported a net profit of P2.66 billion for the first quarter of 2024, 13 percent lower than the P3.06 billion reported for the first quarter of 2023. Most of the tobacco business’ income is from equity in net earnings from the 49.6 percent stake in PMFTC.

The industry’s volume (excluding illicit trade) was 11 percent lower year-on-year (y-o-y) in the first quarter of 2024 to 10.2 billion sticks from 11.5 billion sticks in the same period last year, largely due to affordability challenges of consumers, increasing illicit incidence, and the proliferation of vaping products.

Tanduay’s net income for the first quarter of 2024 was P255 million, slightly lower than the P258 million in the same period of 2023. The volume of liquor was 13 percent lower y-o-y, while bioethanol’s volume was 1 percent higher compared to the same period in the previous year.

Due to the decline in liquor volume, partially offset by the effect of the early 2023 price increase, revenues were 5 percent lower y-o-y at P5.90 billion from P6.24 billion.
ABI’s net profit for the first quarter of 2024 was P155 million, 107 percent higher than the P75 million reported for the same period of 2023. Revenues grew 15 percent to P4.39 billion from P3.81 billion as volumes across product lines were higher y-o-y.

Eton Properties Philippines, Inc.’s net income for the first quarter of 2024 amounted to P116 million, 5 percent lower than the first quarter of 23’s P122 million.

Leasing revenues were 12 percent higher due to higher occupancy rates and lease rates.

Eton was able to book P50 million in residential sales as the Company resumed selling the remaining inventory of previously launched projects in the third quarter of 2023, at 68 Roces in Quezon City and in Eton City, Laguna.