August 14, 2024 | 12:00am
MANILA, Philippines — LT Group Inc. (LTG) of taipan Lucio Tan saw its earnings dip slightly in the first half as lower income from tobacco business weighed down higher profits posted by other subsidiaries.
LTG reported a net income of P12.8 billion in the first semester, two percent lower than the P13 billion recorded in the same period last year.
Its banking arm Philippine National Bank (PNB) contributed P5.77 billion or 45 percent of the total, while the tobacco business added P4.87 billion or 38 percent.
The contribution of Tanduay Distillers Inc. stood at P712 million or six percent, while Asia Brewery added P508 million or a four-percent share.
The profit contribution of Eton Properties and Victorias Milling Co. accounted for two percent each at P326 million and P277 million, respectively.
PNB’s net profit under the pooling method improved by five percent year-on-year to P10.29 billion on the back of higher loans and receivables.
The net income of Tanduay Distillers for the first half also grew by 14 percent to P712 million, buoyed by higher volume of liquor and bioethanol.
Due to higher selling prices, the January to June revenues of Tanduay rose by 15 percent to P14.63 billion.
As of end-June, the company’s nationwide market share for distilled spirits thinned to 31.5 percent from 32.1 percent in the same month in 2023.
The net profit of Asia Brewery, likewise, enjoyed a strong 49-percent growth to P509 million as revenues grew by 12 percent to P9.4 billion.
Higher sales volume across product lines boosted revenues for the period, with Cobra energy drink maintaining its leadership with a 56-percent market share in the first half, while bottled water brands Absolute and Summit enjoyed the third-largest share at 18 percent.
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